Fidelity Tests Stablecoin in Latest Wall Street Blockchain Push

Fidelity Investments is testing a stablecoin, as large financial firms continue to dive into one of crypto’s fastest growing sectors.

Fidelity’s stablecoin project is being carried out from its digital assets division, which offers execution and custody services to institutional investors for Bitcoin, Ether and Litecoin.

“We regularly scan and test new opportunities to meet our costumers’ evolving needs,” a Fidelity spokeswoman said.

Stablecoins are cryptocurrencies that aim to maintain a one-to-one value with a less volatile asset, typically the US dollar, and are most often used by cryptocurrency traders to move in and out of positions. They’ve also become ...