Tom Jessop, president of Fidelity Digital Assets, picked Ethereum over building their own blockchain for a pretty clear reason. The move puts Fidelity squarely in competition with USDT, which has dominated the stablecoin market for years now. RLUSD gets backed by high-quality liquid assets, and Fidelity announced this backing on January 28 to calm investor nerves about stability. Fidelity’s waiting on regulatory approval that could make or break the stablecoin’s market entry. And Fidelity’s timing isn’t random – they’re making this move when the stablecoin market faces intense scrutiny from regulators.