Fidelity is set to launch its own dollar backed stablecoin called FIDD on the Ethereum in the coming weeks, according to reports. The move marks a major step by a traditional finance giant into onchain money infrastructure.

The stablecoin is expected to be fully backed by US dollar assets and designed for institutional use cases such as settlement, payments, and tokenized financial products. Ethereum was chosen for its deep liquidity, security, and established role in stablecoin issuance.

Analysts say Fidelity’s entry signals accelerating institutional confidence in stablecoins as core financial rails, further blurring the line between traditional finance and blockchain based digital markets.

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