Banks may lose up to $500B after Fidelity’s official token launches on Ethereum with freeze powers

Fidelity announced the launch of a stablecoin on the Ethereum mainnet, positioning the token as a compliance-wrapped settlement dollar distributed through the firm's brokerage, custody, and wealth management channels. The move lands amid what looks like a stablecoin sprawl, as estimates suggest 59 new major stablecoins launched in 2025 alone, per third-party tracker Stablewatch. This […] The post Banks may lose up to $500B after Fidelity’s official token launches on Ethereum with freeze powers appeared first on CryptoSlate.