Fidelity Digital Assets
About
Fidelity Digital Assets is the institutional-grade digital asset custody, trading, and stablecoin platform operated by Fidelity Investments. It provides secure cold storage, multi-venue trade execution, and a 1:1 USD-pegged stablecoin (FIDD) to institutions, wealth managers, and retail investors through Fidelity Crypto. The platform combines traditional-finance operational standards with digital asset expertise for long-term investors.
Where Does Yield Come From?
Fidelity Digital Assets is not a yield-generating platform. It is a custody (secure storage) and trading service for digital assets. Assets held in its cold storage (offline vaults) do not earn interest, staking rewards, or any returns from decentralized finance (DeFi).
The Fidelity Digital Dollar (FIDD) — the platform's stablecoin — is backed 1:1 by US dollars and can be exchanged back for those dollars at any time. No yield is paid on FIDD holdings.
The Collateral Account Suite lets institutional clients pledge their Bitcoin (held in custody) as collateral to get cash loans from third-party lenders. This is a borrowing facility, not a way to earn yield on deposits.
What is not offered: no liquidity mining, no staking, no lending-pool interest, and no fee-sharing programs. The business makes money through fees for custody and trade execution — not by collecting and redistributing yield. No yield-generation sources exist beyond these fee-based services.
Persons
Chris Kuiper
VP of Research
Martha Reyes
Senior Research Analyst
Max Wadington
Senior Research Analyst
Zack Wainwright
Research Analyst
Matt Hogan
Research Analyst
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
OpenZeppelin21-02-2023 - 24-02-2023 |
| The audit found no critical or high-severity vulnerabilities; all identified low-severity issues and informational notes were either resolved or acknowledged, indicating a well-scoped and professionally managed codebase suitable for its intended stablecoin role. |
PricewaterhouseCoopers LLP19-02-202627-02-2026 |
| PwC's examination found the FIDD reserve disclosures to be fairly presented as of the two reporting dates, with no material misstatements identified. This is a clean financial attestation, not a security audit, and does not assess the smart contract code or broader protocol security. |
Backers
Fidelity Digital Assets is a wholly owned subsidiary of Fidelity Investments (FMR LLC). It was established internally by Fidelity Investments — first announced in 2018 and launched in 2019 — as a dedicated digital asset business rather than a separate venture-backed startup. No external venture-capital or institutional investors, funding rounds, or fundraising amounts are disclosed on any official Fidelity Digital Assets web pages. FMR LLC, the privately held parent company, provides the capital and operational backing.
Legal
Legal form
National Trust Bank (Fidelity Digital Assets, National Association, chartered by the OCC); also a private limited company in England (Fidelity Digital Assets, Ltd.) and a Delaware LLC (FD Funds Management, LLC). All are subsidiaries of FMR LLC.
Registration jurisdiction
United States (federal national trust bank charter granted by the Office of the Comptroller of the Currency in 2025). Fidelity Digital Assets, Ltd. is incorporated in England and registered with the UK Financial Conduct Authority under the Money Laundering Regulations.
Status and notes
The primary operating entity is Fidelity Digital Assets, National Association (FDA, NA), a national trust bank. Fidelity Digital Assets, Ltd. (FDA, LTD) is a private limited company in England registered with the FCA for cryptoasset activities. FD Funds Management, LLC is a Delaware limited liability company providing digital asset management services (not currently overseen by a regulator). All are subsidiaries of FMR LLC. The website states that FDA, NA is not registered with the SEC or CFTC as a broker-dealer or investment adviser. Digital assets are not FDIC or SIPC insured. Full terms, privacy, and cookie policies are published at /terms-of-use, /privacy-policy, and /cookie-policy respectively. Copyright: © 2026 FMR LLC.