Wall Street’s Latest Gimmick: Fidelity Wants to Print Its Own Digital Monopoly Money 🤑

Oh, great, just what the world needs – another coin. Fidelity Investments, because apparently, they’ve got nothing better to do, is rolling up their sleeves to bring you their very own stablecoin. 🙄

According to some chatty insiders, this Boston-based behemoth is crafting this digital doodad to act as ‘digital cash’. Because, you know, actual cash is just so passé these days. 🤷‍♂️

They’re diving headfirst into the wild world of tokenized government bonds, because, why not? Stablecoins, for the uninitiated, are those cryptocurrencies that pretend to be all grown up, pinning their value to something real, like the dollar or gold. It’s the crypto version of playing house. 🏡💰

This grand revelation comes hot on the heels of Fidelity doing some fancy paperwork to slap a blockchain sticker on its U.S. dollar money market fund. Because if there’s one thing we’ve learned, it’s that slapping ‘blockchain’ on anything makes it instantly cooler. 😎

They’re looking to jazz up their Treasury Digital Fund with an “OnChain” share class, because who doesn’t love a good buzzword? This fund, by the way, is super exclusive, only catering to Fidelity’s hedge fund and institutional pals. The stablecoin could be the new ‘cash’ in this high-stakes game of financial musical chairs. 🪑💼

But wait, there’s more! This stablecoin is set to join the already jam-packed stablecoin party, rubbing elbows with the likes of Tether’s USDT and Circle’s USDC. And just to add a sprinkle of absurdity, this news drops right after World Liberty Financial, backed by none other than Donald Trump, decides they too want a piece of the stablecoin pie. Because when you think stable, you think…Trump? 🤔🎪

Fidelity, shockingly, didn’t jump at the chance to chat with CoinDesk about their shiny new toy. Maybe they’re too busy counting their imaginary money. 🤐💸