Fidelity Digital Dollar

Fidelity Digital Dollar (FIDD) is an 18-decimal Ethereum ERC-20 issued by Fidelity Digital Assets, National Association (FDA, NA). It is Fidelity's payment stablecoin, not a money-market-fund share, not legal tender, and not a new blockchain. Fidelity Management & Research Company LLC manages the reserve assets.

The token has two different kinds of access. Anyone who lawfully receives FIDD can hold or transfer it subject to address controls, and the terms bind that person even without a Fidelity account. Direct purchase or redemption at $1, however, requires an eligible Fidelity Crypto or Fidelity Digital Assets account in good standing. An external wallet is therefore inside the rulebook without automatically being inside the redemption channel. FIDD should also not be confused with Fidelity-branded fund products: FILQ-A is a Cayman Fidelity International fund share, FDIT represents the FYOXX OnChain Class of Fidelity Treasury Digital Fund, and FDLXX is the ticker of a separate Treasury-only money-market fund.

Fidelity had worked on digital assets since 2014, but FIDD emerged after a specific regulatory gate. On December 12, 2025, the OCC conditionally approved a conversion, temporary-bank and merger plan for Fidelity Digital Assets and required written non-objection before the resulting bank could market, issue or make a stablecoin available. Fidelity announced FIDD as forthcoming on January 28, 2026; an editor's update on February 4 confirmed that customers could actually purchase and redeem it.

FIDD tries to make a Fidelity-issued dollar portable on public Ethereum. Portability creates a second audience: people who may receive the token outside Fidelity. The April 13 terms answer that complication by binding every holder while reserving account admission, redemption screening, address restrictions and legal responses to the issuer. The product solves movement across wallets, but it does not make the issuer's $1 exit universal. The reviewed record establishes the requirement, but does not include the later non-objection letter or independently prove the completion date of every bank transaction.

The proxy itself was deployed and initialized as Fidelity Digital Dollar/FIDD on April 6, 2023, nearly three years before customers could buy it; deployment was preparation, not launch.

When an eligible customer purchases FIDD, FDA, NA can create tokens through authorized minters; redemption pairs the token with a dollar payment under the account agreement and terms. No fixed maximum supply is disclosed. Minting is constrained by allocations assigned by a mint allocator, rather than by an immutable cap.

The reserve is segregated from operating assets and must have market value at least equal to outstanding nominal FIDD. It may hold Treasury obligations bought within three months of maturity, overnight reverse repos fully collateralized by Treasuries, approved government money-market funds and deposits at US depository institutions. Reserve earnings belong to FDA, NA; holders have no claim to them, and deposit holdings do not give users pass-through FDIC insurance.

Onchain, separate roles administer minting, allocations, pausing, address restrictions and proxy upgrades. A restricted address cannot send or receive and its existing balance stays frozen until the restriction is removed. Offchain, FDA can refuse redemption or freeze assets under the conditions in its terms. The public repository was archived as a deployment snapshot, but the live address is an upgradeable ERC-1967 proxy, so an archived code page is not a promise of immutable behavior.

Fidelity publishes business-day supply and reserve NAV and monthly issuer-prepared reports examined by PwC. The July report showed 48,882,278 FIDD and $51,386,438.77 of reserve NAV on July 31. PwC's opinion was limited to July 14 and July 31; it did not test every day, future demand, control effectiveness, legal compliance or customer-contract performance.

The July report says the reserve accounts on both sampled dates were held at BNY Mellon, a dated account-location statement rather than a general custody mandate.

A direct order has a 1 FIDD minimum. Redemption is generally almost instantaneous and normally completed no later than two business days, though stated cases may require additional time. FDA charges no purchase/redemption fee, although account, bank and third-party charges may apply.

At fixed block 25,909,861, the contract was unpaused. The enumerable roles contained three default admins (0xce4a…9d15, 0x4101…c8bd, 0x2ad8…d91b), five minters (0x2e7b…4ae9, 0xe654…4190, 0xb685…217a, 0xffc5…e9a5, 0xd3bc…9b90), and one address each for mint allocator (0x4f9f…1f2), pauser (0x49d2…acde), transfer controller (0x8849…a6a) and upgrader (0xd5d9…27a3). These are onchain addresses; their real-world operators were not established.