There are already more than 20 stablecoins in the world. It seems like more than enough. But no. Recently Trump’s World Liberty Financial announces plans for USD1 stablecoin. Following this, the American financial company Fidelity Investments announced that it would issue its own stablecoin. The firm, which manages $5 trillion in assets, is also preparing its first regulatory framework for cryptocurrencies.
According to two insiders, the token is intended to work as cash in the crypto market and will be managed through the digital assets department of the Boston-based fund firm.
Fidelity’s launch of the stablecoin is part of the company’s entry into the market of tokenized versions of US treasury bills. At the end of last week, Fidelity filed an application to launch a digital version of the US money market fund to compete with BlackRock and Franklin Templeton.
Against the backdrop of the latest news, Tether CEO Paolo Ardoino said, a new era begins: the stablecoin multiverse. According to him, hundreds of companies and governments are launching (or will soon launch) their own stablecoins. Meanwhile, the Tether USDt stablecoin has more than 400 million users globally.
Source: Financial Times