Fidelity says it is “actively testing” a stablecoin, but has no plans to launch the product at this time, a company spokesperson told Fortune on Wednesday.
The traditional investment company’s experimentation with a stablecoin—a type of cryptocurrency designed to fluctuate in line with fiat currencies like the U.S. dollar—comes as President Donald Trump ushers in an era of crypto-friendly policy in Washington, marking a major break with the previous administration. Trump has specifically pushed for Congress to pass stablecoin Bitcoin, according to its website. It was also one of the first asset managers permitted to list its Bitcoin exchange-traded fund (ETF) on the stock market, which launched early last year.
The company has also joined a growing chorus of financial service companies seeking to digitize traditional assets like stocks and bonds using blockchain technology. Earlier this week, the company filed to register a blockchain-based digital version of its U.S. dollar money market fund—a type of mutual fund that invests in low-risk, short-term debt securities—with the Securities and Exchange Commission (SEC).
