Wyoming + Fidelity Want to Launch Their Own Stablecoin + GameStop to Raise $1.3 Billion for Bitcoin Acquisition

Fidelity Tests Stablecoin as It Expands Into Tokenized Money Market Funds

Fidelity Investments is testing its own stablecoin as it moves further into blockchain-based finance. This follows its recent filing to launch a tokenized money market fund on Ethereum, which will digitize its Treasury Digital Fund. The stablecoin will function as digital cash within this fund.

Other major firms, including BlackRock and Franklin Templeton, have also entered the tokenized government bond space, which has grown past $5 billion. Fidelity’s stablecoin effort places it in potential competition with market leaders Tether and Circle, which dominate the $238 billion stablecoin market. Meanwhile, U.S. regulators are working on a stablecoin framework that could be finalized by mid-2025.

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T. Rowe Price Manager Overseeing $1 Trillion Says Now Is a Good Time for Bitcoin

Dominic Rizzo, who helps manage over $1 trillion in assets at T. Rowe Price, told investment advisors at the Exchange conference in Las Vegas that Bitcoin is at an attractive entry point. He compared its price behavior to commodities, noting that it often trades near its mining cost before seeing upside. With Bitcoin’s mining cost around $84,770 and its price near $87,000, he suggested it could be a strategic time for exposure.

Rizzo also highlighted blockchain’s growing importance in fintech and AI, recommending investors consider stocks like Coinbase, Robinhood, or crypto mining firms benefiting from AI-driven advancements.

Wyoming to Issue State-Backed Stablecoin, Testing Begins Soon

Wyoming is set to become the first U.S. state to issue its own stable token, with testing scheduled to begin in the coming weeks and a full launch planned for July. Governor Mark Gordon highlighted the state’s crypto-friendly environment at the DC Blockchain Summit, emphasizing its agility in regulatory matters.

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The Wyoming Stable Token (WYST) will be redeemable for $1 held in a state-managed trust, with funds invested exclusively in cash and U.S. Treasuries. Wyoming has long been a leader in crypto legislation, granting legal standing to DAOs and allowing insurers to invest in Bitcoin and other digital assets.

GameStop to Raise $1.3 Billion for Bitcoin Acquisition Plan

GameStop announced a proposed private offering of $1.3 billion in convertible senior notes, marking the start of its Bitcoin acquisition strategy. These notes, which can be converted into stock, will be due in 2030 and are aimed at large institutional investors. The company also revealed plans to update its investment policy to include Bitcoin as a treasury reserve asset.

This move follows GameStop’s previous foray into the crypto space with an NFT marketplace, which it shut down in 2024 due to regulatory challenges. CEO Ryan Cohen signaled the company’s shift toward Bitcoin, echoing MicroStrategy’s model, as GameStop stock saw significant volatility following the announcement.

Resources:

Financial Times

The Block