Fidelity Investments is in the final stages of testing its own stablecoin as Washington moves toward new crypto oversight.

One of the largest asset managers in the world, Fidelity Investments, appears to be quietly piloting its own stablecoin as it expands further into digital assets.

According to a Financial Times report, which cites two sources close to the matter, the $5 trillion fund giant is in the advanced stages of testing a token that would function as cash in cryptocurrency markets. While details remain unknown, the stablecoin is said to be managed through Fidelity’s digital assets arm.

It remains unclear whether Fidelity intends to make its stablecoin available to retail traders in the same open manner as the two largest stablecoin issuers, Tether and Circle, or if access will be limited to institutional investors only. As of press time, Fidelity has not issued any public statements on the matter.

The latest development comes just days after the Boston-based financial giant submitted a proposal to introduce a blockchain-based version of its U.S. dollar money market fund. The proposal, filed with the U.S. Securities and Exchange Commission, seeks to register an “OnChain” share class of the Fidelity Treasury Digital Fund, which invests in cash and U.S. Treasury securities.

As Coin Insider Daily reported earlier, tokenized U.S. Treasury debt is now the second-largest contributor to the total value of tokenized real-world assets, with a market capitalization of $4.80 billion, trailing only private credit funds, which hold $12.20 billion, per data from rwa.xyz.