Fidelity is launching its own stablecoin

Fidelity is launching a stablecoin that investors will be able to buy and sell for $1 when it arrives in the "coming weeks." The stablecoin, called Fidelity Digital Dollar (FIDD), will live on the Ethereum network and is backed by cash reserves, cash equivalents, and short-term US Treasuries, according to CoinDesk.

A stablecoin is a type of cryptocurrency that's typically pegged to an asset, like the US dollar. More companies and financial institutions have started launching stablecoins...