The well-known wealth management institution Fidelity has issued its own stablecoin FIDD (Fidelity Digital Dollar) on Ethereum this year.

This stablecoin is a 1:1 pegged stablecoin to the US dollar, whose supporting reserve assets mainly include cash in US dollars and low-risk assets such as short-term US Treasury bonds. According to information provided by the official source, these reserve assets are reviewed monthly by PwC, and the circulation and net reserve value are disclosed daily.

This action has two noteworthy points:

First, it has chosen to issue on the Ethereum mainnet.

According to compiled information, there are currently four asset management institutions that have issued stablecoins on public blockchain. In addition to Fidelity, the other three are Deutsche Bank's asset management group, Societe Generale-FORGE, and WisdomTree.

Among these four institutions, the stablecoins issued by Societe Generale and Fidelity have the largest publicly displayed circulation, which are €128 million and $48.6 million, respectively. The circulation of the stablecoin issued by Deutsche Bank's asset management group is too small to be meaningful for comparison, and the stablecoin issued by WisdomTree is permissioned and its circulation is not publicly disclosed.

Among Societe Generale and Fidelity, only Fidelity issues a US dollar stablecoin.

In summary, currently among large asset management institutions, only Fidelity has issued a stablecoin with meaningful circulation, and it has only chosen Ethereum as the first battlefield for stablecoin applications.

This representative significance is evident.

However, I believe another point is even more noteworthy—FIDD has now been integrated with Uniswap.

Users logging into the Uniswap page on the Ethereum mainnet can find FIDD directly there for buying and selling transactions.

This means FIDD is a permissionless stablecoin, just like the USDT and USDC we are familiar with. Technically, it can be held by retail investors without barriers and traded on-chain.

This meaning is substantial.

For a stablecoin to truly become a usable currency and gain influence, it must circulate; it must permeate various application scenarios and reach various users.

Long before these four institutions, JPMorgan had issued a so-called "stablecoin," but that type of "stablecoin" was only used for settlements within the company's internal network and among merchants, and not for actual circulation and transactions in commercial scenarios.

Therefore, that type of "stablecoin" has limited significance and influence, and the "stablecoin" issued by JPMorgan was only issued and used within an internal consortium blockchain, without any external trading and diffusion capabilities.

Therefore, that type of "stablecoin" cannot be compared with the stablecoin issued by Fidelity at all.

The permissionless US dollar stablecoin issued by Fidelity has some unique advantages:

Compared to the retail demographic faced by USDT and USDC, Fidelity, as a long-established asset management institution, faces institutional users and financial institutions with substantial funding strength. It has considerable potential to seamlessly bring its asset management clients into the on-chain DeFi ecosystem through various DeFi tools (such as Uniswap) and its issued FIDD.

In terms of credit, compared to USDC, which is also centralized but regarded as having the best credit, I believe FIDD's credit is on par with USDC. Therefore, the introduction of FIDD into DeFi will provide retail investors with more holding options and will also bring better stability to the DeFi ecosystem, especially the stablecoin ecosystem.

FIDD has just launched, so its market share is still very small, almost negligible compared to USDC and USDT. This is also its biggest challenge.

However, if Fidelity can build its financial ecosystem on-chain and fully bring its existing large user base into it, then in the future, FIDD has great potential to become an important member of the stablecoin family.

Moreover, it is noteworthy that if Fidelity's FIDD experiment is successful and achieves significant results, a large number of traditional financial institutions will follow this approach and participate in the construction of the on-chain financial ecosystem.

This will be a significant long-term benefit for both the Ethereum ecosystem and the entire cryptocurrency ecosystem.

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