This article covers Cynthia Lo Bessette’s insights, head of Fidelity’s digital asset management division, into the potential expansion of Fidelity’s cryptocurrency product offerings. She emphasizes the importance of market demand and regulatory considerations, while also hinting at future developments like stablecoins, tokenized Treasury products, and on-chain credit.
Points
- Cynthia Lo Bessette is cautious about launching new cryptocurrency ETFs beyond Bitcoin and Ethereum.
- Fidelity may explore stablecoins, tokenized Treasurys, and on-chain credit as part of its future product lineup.
- The U.S. Securities and Exchange Commission’s stance on ETH staking could evolve, opening new opportunities.
- Fidelity’s product roadmap is closely aligned with client demand and market feasibility.
Cynthia Lo Bessette, who leads Fidelity’s digital asset management division, has expressed both satisfaction and caution regarding the adoption of exchange-traded funds （ETFs） that track Bitcoin and Ethereum. While these ETFs have seen substantial growth, particularly Fidelity’s Wise Origin Bitcoin Fund, which has become one of the most traded ETFs in the U.S. with nearly $12 billion in assets, Lo Bessette is hesitant to expand into alternative cryptocurrency ETFs like Solana.
She explains that Fidelity’s product roadmap is driven by client demand and the broader market’s readiness to support new offerings. At this point, she does not see an obvious candidate for the next exchange-traded product （ETP） following Bitcoin and Ethereum, which indicates a thoughtful and measured approach to product development.
Looking ahead, Fidelity’s exploration into stablecoins, tokenized Treasurys, and on-chain credit could mark a significant evolution in the firm’s digital asset strategy. Lo Bessette notes that stablecoins, which represent tokenized cash, are a particularly clear use case where blockchain technology has already proven its value. Tokenized Treasury products could be the next logical step, offering a way to bridge traditional financial markets with the efficiencies of blockchain.
The article also highlights the ongoing discussions between Fidelity and the U.S. Securities and Exchange Commission （SEC） regarding the potential for ETH ETFs to include staking, a key component of the Ethereum ecosystem. Although the SEC has not yet approved such products, Lo Bessette is optimistic that it is a matter of “when” rather than “if” these will be available.
Additionally, Fidelity is considering enhancements to the trading of its current ETFs, such as enabling in-kind contributions, which could provide more flexibility for investors.
As the digital asset market continues to evolve, Fidelity’s cautious yet innovative approach positions it well to meet the growing demand for sophisticated blockchain-based products. With over a decade of experience in blockchain and two separate units focused on crypto, Fidelity is well-equipped to navigate the complexities of this rapidly changing landscape.
解説
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Stablecoins: These are cryptocurrencies that aim to maintain a stable value relative to a benchmark, typically a fiat currency like the U.S. dollar. Fidelity sees potential in launching its own stablecoin, which would represent tokenized cash, offering a familiar and reliable asset in a digital form.
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Tokenized Treasurys: Tokenization of Treasury products could revolutionize the bond market by making it more accessible and efficient. Investors could potentially trade U.S. Treasury bonds on a blockchain, which would offer greater transparency and lower transaction costs.
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On-Chain Credit: This represents a nascent area where credit products are issued and managed directly on a blockchain. It has the potential to disrupt traditional credit markets by providing more secure and transparent lending and borrowing options.
The evolution of these products aligns with Fidelity’s broader goal of leveraging blockchain technology to offer new financial products that are both innovative and in demand by their clients. By focusing on client needs and regulatory readiness, Fidelity is setting the stage for the next wave of digital asset products.