USDFidelity Details Ethereum Trial and National Trust Bank Issuance for Digital Dollar Stablecoin
Ethereum Pilot and OCC-Approved Bank Structure Define Fidelity’s Stablecoin Rollout
TL;DR
- Fidelity confirmed an Ethereum-based trial for its Fidelity Digital Dollar alongside issuance via an OCC-approved national trust bank.
- The rollout was disclosed on Jan. 28, 2026, with issuance expected next month and an onchain pilot planned in the coming weeks.
- Executives framed the stablecoin as regulated payment infrastructure tied to U.S. legislation and existing digital-asset operations.
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Fidelity Investments on Jan. 28, 2026 disclosed plans to test its Fidelity Digital Dollar, known as FIDD, on Ethereum while preparing to issue the stablecoin through its recently approved national trust bank. The firm said the Ethereum deployment would begin in the coming weeks as a trial, positioning the public blockchain as the initial settlement layer for the dollar-backed token. Fidelity did not disclose issuance limits or reserve mechanics but described the rollout as part of a broader expansion of its digital-asset infrastructure, occurring alongside ongoing volatility in the crypto price index, shifts in crypto price movements, and changing coin market cap dynamics across digital markets.
Issuance of FIDD is set to occur next month through Fidelity Digital Assets, National Association, the national trust bank that received conditional approval from the U.S. Office of the Comptroller of the Currency in December 2025. Bloomberg reported that the structure allows Fidelity to act as a direct issuer under federal oversight rather than relying on third parties. Fidelity Digital Assets President Mike O’Reilly said stablecoins could “serve as foundational payment and settlement services,” citing benefits such as real-time settlement and round-the-clock availability. Fidelity said no additional technical details were being released alongside the announcement.
Fidelity has not outlined the precise design of the stablecoin but indicated it is expected to align with the framework set out in the GENIUS Act, which establishes federal standards for payment stablecoins, including reserve backing, issuer supervision, and consumer protections. The firm manages nearly $6 trillion in assets and has expanded aggressively into regulated digital products, including spot Bitcoin exchange-traded funds. Its Fidelity Wise Origin Bitcoin Fund holds about $17.4 billion in assets, according to industry data referenced in reporting tied to the announcement.
Broader regulatory clarity in the United States has coincided with increased stablecoin development among large financial institutions, including early-stage projects at JPMorgan Chase, Citigroup, and Bank of America. Citigroup Chief Executive Jane Fraser has previously referenced internal exploration of a “so-called Citi stablecoin.” Fidelity did not specify whether FIDD would later expand beyond Ethereum or integrate private ledgers, and the company did not comment on how the token might interact with existing market benchmarks or reference crypto price data used across institutional trading desks.
This article has been refined and enhanced by ChatGPT.
