​Fidelity Investments, a leading U.S. asset manager overseeing approximately $5 trillion in assets, is reportedly testing its own Stablecoin—a type of cryptocurrency typically pegged to the U.S. dollar.​

According to the Financial Times, Fidelity is in advanced stages of testing the stablecoin through its digital assets division, aiming to enhance cash-like transactions within cryptocurrency markets. This development aligns with Fidelity's longstanding engagement with digital assets, including a recent filing to introduce a tokenized U.S. money market fund.

Fidelity spokesperson stated that while the company is actively testing a stablecoin, there are no immediate plans for its public release. This cautious approach reflects the firm's commitment to thorough evaluation amid the rapidly evolving crypto landscape.

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In addition to its stablecoin exploration, Fidelity has recently achieved several milestones. The firm introduced two all-ETF model portfolios aimed at wealth management firms, incorporating both active and passive ETFs from various providers to offer diversified client portfolios.

Furthermore, Fidelity plans to convert its $180 million Municipal Bond Index Fund into an ETF, marking the first instance of an asset manager transitioning an index mutual fund into an ETF.