Gate Daily (January 29): Fidelity to launch USD stablecoin FIDD; Tether plans to allocate 10-15% of funds to gold

Bitcoin (BTC) rebound momentum stalls, currently around $88,980 as of January 29. The Federal Reserve announced no change in interest rates, and hawkish signals have renewed the dollar’s strength. Fidelity Investments will launch its own stablecoin FIDD on Ethereum, compliant with the GENIUS Act, pegged to the US dollar. Tether plans to allocate 10-15% of its investment portfolio to physical gold.

Macro Events & Crypto Hotspots

1. One of the world’s largest asset management firms, Fidelity Investments, announced on Wednesday that it will launch its own stablecoin on Ethereum, compliant with the GENIUS Act. Like other stablecoins, Fidelity’s token—named Fidelity Digital Dollar (FIDD)—will be fully backed by reserves to ensure a 1:1 peg with the US dollar. The company stated that FIDD will be available in the coming weeks via Fidelity’s platform and major exchanges, open to institutional and retail clients.

2. Tether plans to allocate 10-15% of its investment portfolio to physical gold. CEO Paolo Ardoino said this will also include gold bars backing some of its products. Based in El Salvador, Tether reports approximately 130 metric tons of physical gold backing its products, with an additional 27 tons added in Q4. Ardoino told Reuters they purchase about two tons weekly. He added, “For our own portfolio, it’s reasonable to estimate about 10% Bitcoin and 10-15% gold,” though he did not disclose the value of Tether’s investment portfolio or the actual proportion of gold holdings. “It’s hard to decide which I prefer more. Like having two children, you have to decide which one is more beautiful,” he said in a video interview.

News Highlights

1. Tesla’s Bitcoin holdings remained unchanged in Q4, with a $239 million impairment loss on digital assets.

2. The Optimism community proposes OP buyback, with 50% of Superchain net income allocated for periodic repurchases.

3. OpenAI’s suggested social network may consider adopting World’s eye-scanning device Orb.

4. The White House will convene meetings with banks and crypto firms to seek legislative compromises.

5. Token creation platform Doppler completed $9 million seed funding, led by Pantera Capital.

6. BitMine staked approximately 217,100 ETH in the past 24 hours, totaling $7.12 billion in staked value.

7. US SEC issued a statement on tokenized securities, clarifying classification methods and legal scope.

8. Analysts: The Federal Reserve and Powell are hawkish today, with inflation as the primary concern.

9. Bisset: A new Federal Reserve chair candidate may be announced in about a week.

10. Powell: No one expects a rate hike at the next meeting; rate hikes are not a basic assumption for anyone.

11. The Federal Reserve announced no change to the benchmark interest rate.

Market Trends

1. Latest Bitcoin news: $BTC rebound momentum stalls, currently around $88,980. Over the past 24 hours, $50.56 million in liquidations, mostly long positions.

2. US stocks fluctuated on Wednesday. The S&P 500 briefly crossed 7,000 points but closed near flat after the Fed maintained rates as expected and Powell hinted at no rush to restart rate cuts. The Dow Jones Industrial Average rose slightly by 12.19 points (0.02%) to 49,015.60. The S&P 500 dipped 0.57 points (0.01%) to 6,978.03. The Nasdaq, supported by chip stocks, rose 40.35 points (0.2%) to 23,857.45.

(Source: Gate)

3. Gate BTC/USDT liquidation map shows that at the current price of $89,079.90, if the price drops to around $88,284, total long liquidations exceed $315 million; if it rises to around $90,833, total short liquidations exceed $432 million. Short liquidations are significantly higher than longs. It is advisable to control leverage ratios reasonably to avoid large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $1.84 billion, outflow $1.80 billion, net inflow $0.4 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led by contracts trading in $PAXG, $XAUT, $PIPPIN, $XRP, $SOL, indicating trading opportunities.

X KOL Selected Opinions

Phyrex Ni (@Phyrex_Ni): “After listening to Powell’s speech and reviewing several US stock earnings reports, the market’s reaction to Powell is generally muted. One reason is that there are only two remaining meetings as chairman, and even if he remains on the board, he won’t attend press conferences anymore. So many questions are about gossip, not much about actual monetary policy, and Powell’s responses remain the same old answers.”

“The Fed maintains 2% unwavering, based on data and expectations, so the market’s focus is on Powell’s successor. The expectation of no rate cuts in January is already priced in, and the dot plot for March probably won’t be very hot. According to CME forecasts, expectations for rate cuts in March or even April are very low, likely waiting for a change in the Fed chair.”

“I initially thought if Powell’s hawkish speech today, Trump might announce his successor, but Powell’s comments are quite moderate, so Trump probably won’t act for now. After Powell’s speech, Tesla and Meta earnings reports came out. Tesla’s Q4 revenue missed expectations, while Meta’s revenue exceeded expectations. I personally think this won’t have a big impact on the market.”

“Looking at Bitcoin data, turnover remains stable, indicating investor sentiment is also stable. The Fed’s rate decision and meeting haven’t caused much emotional fluctuation among investors. Turnover is mainly from short-term investors. The $90,000 level remains a psychological barrier. We probably need a breakthrough positive catalyst. Using URPD data, I adjusted the fifth support level to the $87,000–$92,000 range. It’s not 100% stable yet, so let’s watch more. Currently, the market’s focus is still on Trump, tariffs, and the Fed, which will ultimately impact him.”

Today’s Outlook

1. Sweden’s repo rate, previous value 1.75%

2. US initial jobless claims (thousands) last week (up to 0124), previous 200

3. US November trade balance (billion USD), previous -29.4

4. US November durable goods orders (month-over-month), previous 5.3%