Fidelity Digital Dollar

Fidelity says it began building a digital-asset ecosystem in 2014, established Fidelity Digital Assets in 2018, and launched client service in 2019. The OCC then conditionally approved the transactions to convert the existing state trust company into Fidelity Digital Assets, National Association on December 12, 2025. That decision anticipated stablecoin issuance and required a written OCC non-objection before a bank-issued coin could be marketed or made available.

Fidelity announced an upcoming FIDD launch on January 28, 2026 and updated the release on February 4 to say its first stablecoin was available to eligible retail and institutional investors. This was a product-availability milestone, not Fidelity’s founding, a separate token-generation event, or the launch of a new blockchain. FIDD is an ERC-20 deployed on Ethereum; the current developer page lists Ethereum as the available chain, and the reviewed official materials state no dated multi-chain roadmap.

Fidelity Digital Assets, National Association issues FIDD, while Fidelity Management & Research manages reserve assets. The terms require a segregated pool of U.S.-dollar assets worth at least the nominal value of outstanding FIDD. Permitted assets include short-dated U.S. Treasuries, overnight Treasury-collateralized reverse repos, specified or approved government money-market funds, and deposits at U.S. depository institutions. Fidelity publishes business-day supply and reserve-NAV figures, and monthly reserve reports prepared by the issuer are examined by PwC, but those disclosures do not turn the token into a fund share.

One FIDD represents Fidelity Digital Assets’ promise to pay one U.S. dollar subject to the terms and applicable law. Direct purchase and redemption require an eligible Fidelity Crypto or Fidelity Digital Assets account in good standing; a wallet holder without such an account cannot demand redemption until Fidelity accepts that holder as a customer. Reserve income belongs to the issuer, reserve deposits lack pass-through FDIC insurance, and Fidelity does not guarantee that third-party markets will trade FIDD at exactly $1.

The published contract is an 18-decimal ERC-20 at 0x7C135549504245B5eAe64fc0E99Fa5ebabb8e35D. Circulating supply expands and contracts through privileged issuance and redemption rather than a disclosed fixed cap. Role holders can mint within allocations, manage those allocations, pause the token, restrict addresses, and upgrade the implementation behind an ERC-1967 proxy. Restricted addresses cannot send or receive, and tokens already held there remain frozen until the restriction is removed.

These controls support the issuer’s compliance model, but they also make access depend on Fidelity’s operational decisions, privileged-key security, and changing legal requirements. FIDD is designed for payments, not holder yield; it is not legal tender, is not guaranteed by a government agency, and gives no claim to reserve earnings. The practical diligence question is therefore not simply whether reserves equal supply, but whether a holder can remain eligible, move the token, and reach the issuer’s redemption channel when needed.