Oh, the whimsy of fate! Fidelity Investments, that behemoth of asset management, with a staggering $5 trillion in assets under its wise and venerable wing, hath decided to take the plunge into the murky waters of cryptocurrency! ๐๐ธ
According to two insiders, those sly whispers in the wind, the Financial Times hath uncovered the Boston-based giant’s plan to unfurl its very own dollar-backed stablecoin. Because, what could possibly go awry, eh? ๐
Fidelity’s digital assets arm, those intrepid pioneers, shall shepherd this stablecoin, designed to mimic the humble dollar in the Wild West of cryptocurrency markets. Yeehaw! ๐ค
But wait, dear reader! This daring feat is merely a prelude to Fidelity’s grand symphony: tokenized US Treasury bonds! Last week, the asset manager submitted a filing to the U.S. Securities and Exchange Commission (SEC), no less, to register the Fidelity Treasury Digital Fund โ a blockchain-based marvel! ๐
And what a coincidence! This development comes as the illustrious Donald Trump, that stalwart champion of… well, everything, hath thrown his weight behind dollar-backed stablecoins. Who needs world peace when you can have stablecoin dominance, eh? ๐
Lawmakers, those harbingers of progress, toil away, crafting the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Because, who doesn’t love a good acronym? ๐คฃ This legislative masterpiece shall restrict the types of investments stablecoins can use for collateral, because freedom is overrated. ๐
Senator Bill Hagerty (R-TN), the bill’s proud papa, proclaimeth: “This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.” ๐ (Cue the fireworks and patriotic fanfare.)
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2025-03-27 22:02