Fidelity joins Wall Street's race to manage stablecoin reserves

60-second summary

Fidelity is joining the growing list of financial institutions targeting reserve assets that underpin the expanding stablecoin market, following State Street's lead. Fidelity's move aims to capitalize on the increasing demand for stablecoins, which are pegged to traditional assets like US dollars, and could potentially disrupt the traditional banking system, further blurring the lines between finance and crypto.