FIDD is Fidelity's dollar stablecoin, launched 4 February 2026 and issued by Fidelity Digital Assets, National Association, per Fidelity. It is pegged 1:1 to the US dollar, redeemable at $1 through Fidelity's own platforms, and it runs as an ERC-20 token on Ethereum. What makes it worth understanding is not its size, which is small, but who is behind it and how tightly the issuance is held.
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FIDD, short for Fidelity Digital Dollar, is a fully collateralized dollar stablecoin issued by Fidelity Digital Assets, National Association, an OCC-chartered national trust bank and a subsidiary of Fidelity Investments. Each token represents a claim on one US dollar held in reserve. Fidelity announced the launch on 4 February 2026, making it one of the newer entrants in a market that two issuers already dominate.
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The short version of the pitch: a digital dollar carrying a traditional asset manager's operational standards rather than a crypto-native issuer's. Whether that matters to you depends entirely on what you are trying to do with it, which is the part most explainers skip.
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Reserves are held in cash, US Treasuries, and other liquid assets at The Bank of New York Mellon, per CoinGecko's asset profile. Reserve asset management sits with Fidelity Management & Research Company LLC, so custody, management, issuance and redemption all stay inside the Fidelity group. Fidelity calls this a full-service model, and it is the clearest structural difference from an issuer that outsources those functions.
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On transparency, two things run on different clocks. Circulating supply and reserve net asset value are disclosed daily. Reserve attestation reports are produced monthly and examined by PricewaterhouseCoopers LLP under AICPA standards. Worth being precise here: an attestation is not a financial audit, and that distinction applies across the stablecoin market, not just to FIDD.
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Small, and there is no diplomatic way to put it. Circulating supply is roughly 50 million FIDD against a market capitalization near $50 million, per CoinGecko as of 10 September 2026. Set that against a total stablecoin market above $300 billion, with USDT around $183 billion and USDC around $74 billion per DeFiLlama on the same date. We have rounded these deliberately: different DeFiLlama views return slightly different totals depending on which assets are included, so treat the magnitude as the fact and re-pull before quoting a precise figure.
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Supply figures for USDT and USDC are from DeFiLlama and the FIDD figure from CoinGecko, both read on 10 September 2026. On those numbers FIDD is roughly 0.02% of the market. That is not a criticism of the product, it is just the honest starting point for deciding whether it belongs in your stack today.
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Purchase and redemption at $1 happen through Fidelity Digital Assets: institutional clients via the Fidelity Digital Assets platform, retail customers through Fidelity Crypto, and advisors through Fidelity Crypto for Wealth Managers. All of those require an approved Fidelity account with identity, anti-money-laundering and sanctions checks completed.
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On the open market, liquidity is concentrated rather than broad. Per CoinGecko's market listing on 10 September 2026, Bullish carries the large majority of reported volume across its FIDD pairs, Kraken lists FIDD against BTC and ETH, and there are Curve and Uniswap V3 pools on Ethereum. Concentration like that is normal for a young stablecoin, and it is the thing to watch: it determines what happens when you need to exit at size and Fidelity redemption is not available to you.
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These are the constraints we would want stated plainly before anyone builds on it, and they are design decisions rather than defects.

The Ethereum-only decision is the constraint with the most practical consequence, and it is easy to underrate. A treasury that receives FIDD and needs dollars somewhere else has a problem the token itself does not solve: FIDD does not exist on that other chain, so moving value means swapping into a different asset or routing through a bridge, and either path introduces a counterparty the stablecoin's own guarantees do not cover.
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The gap shows up first at onboarding rather than in trading. Funding an account, paying a counterparty who settles elsewhere, or holding dollars alongside positions on another chain all require leaving FIDD, and each exit is a step the issuer's guarantees stop covering.
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It is a reasonable tradeoff for an issuer starting out. Every additional chain multiplies the surface you have to secure, monitor and reconcile, and a bank-chartered issuer has good reason to move slowly. But it does mean the question of which stablecoin to hold cannot be separated from where you need the dollars to arrive, and for anyone moving value across chains, how that value actually gets routed matters as much as the token choice.
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It depends on which problem you have, and we would answer it in two halves.
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If you are already a Fidelity client and you want dollars on Ethereum with an issuer whose regulatory standing and reserve custody you can explain to a risk committee in one sentence, FIDD is a genuinely strong fit. The OCC charter, the BNY Mellon custody and the PwC-examined monthly attestations are exactly the answers institutional diligence asks for.
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If you need deep secondary liquidity, multi-chain availability, or a dollar that settles wherever your counterparties already are, FIDD is not there yet. At roughly $50 million of supply on one chain per CoinGecko, it is a credible instrument at an early stage, and the sensible read is to watch supply and venue depth over the next few quarters rather than to migrate flows onto it now.
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Is FIDD safe? It is fully collateralized with reserves at BNY Mellon and attested monthly by PwC under AICPA standards. Like any stablecoin, it carries peg risk, issuer risk and the possibility of address freezes, and an attestation is not the same assurance as a full audit.
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Does FIDD pay interest? No. Reserve income is not distributed to holders.
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Can I hold FIDD on Solana or Base? Not natively. FIDD is issued only as an ERC-20 on Ethereum mainnet.
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Is FIDD available under MiCA in the EU? FIDD is a US-issued dollar token. EU availability depends on MiCA authorization, and a dollar-referencing token would fall under the e-money token regime rather than the asset-referenced one. See our breakdown of MiCA EMTs versus ARTs for how that classification works.
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Launch date, issuer identity and the full-service model description come from Fidelity's 4 February 2026 press release and from Fidelity Digital Assets' own stablecoin pages. Supply, market capitalization, venue and contract details are from CoinGecko, read 10 September 2026. Comparative stablecoin supply figures are from DeFiLlama, read the same day. Reserve custody at The Bank of New York Mellon, the PwC attestation arrangement under AICPA standards and the OCC trust-bank charter are as described on CoinGecko's asset profile and Fidelity's own disclosures. Market figures move daily; check the primary sources before quoting any number here.
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