"Fidelity Investments is launching its first stablecoin, the Fidelity Digital Dollar (FIDD), based on the Ethereum network. FIDD will be backed by reserves of cash, cash equivalents, and short-term U.S. Treasuries managed by Fidelity, in line with the new federal GENIUS Act's standards for payment stablecoins. The stablecoin targets use cases such as 24/7 institutional settlement and onchain retail payments, putting Fidelity in direct competition with dominant issuers like Circle’s USDC and Tether’s USDT while laying groundwork for future onchain financial products."

"Fidelity Investments put stricter guardrails on the deposits customers make through its mobile app, hitting back against a check-fraud scheme that targeted the investing giant earlier this month. [Subscription Required)"