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Stablecoins are multiplying 👀
Fidelity is testing its own stablecoin, with the news coming just a day after the Trump-linked World Liberty Financial issued its own stablecoin.
James Rubin
March 26, 2025
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📝 What you need to know
Stablecoin activity continues to surge amid growing demand for the fiat currency-based digital assets, which are widely used by crypto traders.
Fidelity Digital Assets is actively testing a stablecoin it has developed, a source with direct knowledge of the matter told Decrypt on Wednesday. The news followed a day after the Trump-affiliated World Liberty Financial decentralized finance project revealed that it will debut a dollar-pegged stablecoin called USD1.
Earlier this week, as Decrypt reported, the Circle USDC stablecoin market cap rose to its own record high, surpassing $60 billion for the first time and making up about a quarter of the entire stablecoin market. Circle has minted about $16.5 billion worth of USDC over the past three months, but Tether’s USDT leads in market value with about $144 billion—or more than 63% of the stablecoin market.
In Wednesday afternoon market activity, Solana was down nearly 5%, while Ethereum and XRP fell more than 3% as markets remained skittish about risk-on assets amid wider uncertainties. Bitcoin was trading just above $87,000, off roughly 1% over the past 24 hours, according to data provider CoinGecko.
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