Asset manager Fidelity Investments is reportedly preparing to launch its own stablecoin.
The launch is part of Fidelity's expansion into the market for tokenized versions of US Treasuries.
Fidelity has recently filed to introduce a digital version of a U.S. money market fund, putting it in competition with BlackRock and Franklin Templeton.
Fidelity's move comes at a time when federal regulators are changing their attitude towards cryptocurrencies.