Fidelity Investments, one of the world’s largest asset managers, announced on Wednesday that it will launch a stablecoin on Ethereum. The token, called the Fidelity Digital Dollar (FIDD), is expected to become available on exchanges in the coming weeks for institutional and retail investors. As with other stablecoins, FIDD will be fully backed by reserves to maintain its peg. SponsoredSponsoredStablecoin Market Crowds After Genius ActSince the passage of the Genius Act, stablecoin adoption has accelerated rapidly. Against this backdrop, Fidelity’s entry into the stablecoin market with FIDD comes amid intense competition.