How FIDD holds its peg

FIDD, the Fidelity Digital Dollar, is a dollar token issued by Fidelity's national trust bank. It lives on one chain, Ethereum, and is small: about 49 M tokens. It exists when dollars reach Fidelity and stops existing when they leave; every transfer is settled by Ethereum.

Read how it works

Click a step on the right, or use the arrow keys, to jump to it. Move your mouse to shift the view.

Just minted, burned and moved

    FIDD tokens dollars, into and out of the reserve tokens being burned Ethereum's ledger flashes as it settles FIDD reserve: Treasury bills, cash
    Supply by chain Reading supplies…
    How this is read

    FIDD exists on Ethereum only, so this is one bar: the contract's total supply, read from a public node every 30 seconds. Fidelity's reports count outstanding FIDD the same way. Use the arrow keys to read each row.

    FIDD supply on each chain
    ChainSupplyShareRead at
    Minted and burned
    • minted, up
    • burned, down

    Use the left and right arrow keys to read each column. In live mode each column is half an hour, covering the last 20 hours; FIDD is minted and burned only a few times a week, so most columns are empty.

    FIDD minted and burned in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 FIDD in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      A stablecoin from an asset manager's bank

      FIDD is a token that Fidelity Digital Assets, National Association promises to redeem for one US dollar. That company is Fidelity Investments' digital-asset subsidiary, a national trust bank supervised by the Office of the Comptroller of the Currency (OCC), which gave it conditional approval for the charter on December 12, 2025. Fidelity announced FIDD on January 28, 2026 and it went on sale in early February; Kraken listed it on February 4, 2026.

      It is a single ERC-20 contract on Ethereum (0x7C13…e35D) with 18 decimals, and it is small. Supply peaked around 62.6 M in mid-February 2026 and has stayed between about 48 M and 54 M since March. USDC is about 1,500 times larger.

      Buying and redeeming

      Eligible clients buy FIDD from Fidelity at $1 and sell it back at $1: institutions through Fidelity Digital Assets, individuals through Fidelity Crypto in eligible states, and advisers through Fidelity Crypto for Wealth Managers. Fidelity's terms (updated April 13, 2026) say it charges no fee either way, the minimum order is one FIDD, and redemption generally happens almost at once, within two business days at most. Anyone else gets FIDD from those clients or on exchanges and pools; the right to redeem at par is what keeps the market price near a dollar.

      On Ethereum a mint shows up as a transfer from the zero address and a burn as a transfer to it, which is how live mode spots them.

      What backs each token

      Fidelity publishes a FIDD Reserve Report every month, examined by PricewaterhouseCoopers LLP. Each covers the last business day of the month and one business day PwC picks without warning. On August 31, 2026 at 5:00 pm Eastern it reported 49,290,319 FIDD outstanding against a reserve with a net asset value of $51,794,518.87, a surplus of $2,504,200.02. Fidelity Management & Research manages the reserve; all of it sits in segregated accounts at The Bank of New York Mellon.

      FIDD reserve, August 31, 2026
      Held inUS dollars
      US Treasury bills, five issues maturing Sept 3 to Oct 1, 202631,173,738.08
      Cash deposits in bank deposit accounts20,717,851.25
      Net other assets (liabilities)−97,070.46
      Total net asset value51,794,518.87

      The cash is not FDIC-insured. Fidelity's terms also allow Treasury repo and money market fund shares, but the August report held neither, and holders have no claim on the interest the reserve earns. These figures are not on-chain: live mode shows them as they were reported.

      Source: FIDD Reserve Attestation Report, August 2026 (PDF; PwC's report dated September 25, 2026), listed on fidelitydigitalassets.com.

      A transfer is only as final as Ethereum

      Fidelity takes no part in an ordinary transfer. Sending FIDD is an Ethereum transaction like any other: included in a block by a proposer, then final after about two epochs of validator attestations, roughly 13 minutes. FIDD has no cross-chain version and no bridge from Fidelity, so there is one ledger and one kind of finality.

      Blocking, freezing and the law

      Fidelity's terms let it block Ethereum addresses and freeze the FIDD they hold, temporarily or permanently, if it suspects a violation of law or of the terms, and FIDD can be seized under a legal order. The contract is upgradeable, so its rules can change.

      Fidelity presents FIDD as built for the GENIUS Act, the US stablecoin law signed on July 18, 2025, which requires one-for-one backing with cash, deposits, short Treasury bills, Treasury repo or government money market funds and monthly reserve disclosure. The law takes effect by January 18, 2027 at the latest; its rules were still being written in September 2026. Whether the OCC has given the trust bank's charter final approval is reported inconsistently; this page doesn't claim it.

      What live mode shows

      Live mode reads FIDD's total supply from a public Ethereum node every 30 seconds and reads every new block's FIDD transfers over a WebSocket, which gives the transfer count per block, the rate and every mint and burn. FIDD is quiet: a few dozen transfers a day and a mint or burn every few days. So the minted and burned chart uses half-hour columns and, on connecting, reads the last 20 hours of mints and burns; often it is empty, and that is the real picture. The reserve comes from Fidelity's latest monthly report and is labelled with its date.

      What the animation simplifies

      The reserve is drawn as one vault; in reality it's bank deposits and Treasury bills in custody at BNY, and dollars move through clients' Fidelity accounts. Ethereum is a small ring of wallets, not the few hundred addresses that hold FIDD, and the particles are a scale model: one standing dot is about 330,000 FIDD. Read Fidelity's FIDD terms for the details.