Fidelity Investments is testing its own stablecoin. The pilot project comes from Fidelity’s digital asset unit, which already offers crypto custody and trade execution for institutions. 

GameStop is raising $1.3 billion through a convertible debt offering to begin accumulating bitcoin, just 24 hours after revealing plans to adopt a crypto treasury strategy.

Ethereum’s final dry run for its Pectra upgrade played out on Wednesday with a successful test on the new Hoodi testnet, marking a critical step forward after earlier test failures raised concerns.

Top stories in the Crypto Roundup today:

• Fidelity Enters Stablecoin Race as Wall Street Eyes Blockchain Payments
• GameStop to Raise $1.3B Through Convertible Debt for Bitcoin Treasury Strategy
• Ethereum Completes Final Dress Rehearsal for Pectra Upgrade on Hoodi Testnet

Fidelity Enters Stablecoin Race as Wall Street Eyes Blockchain Payments

Fidelity Investments is testing its own stablecoin. The pilot project comes from Fidelity’s digital asset unit, which already offers crypto custody and trade execution for institutions. 

Though still in early stages, the effort signals a growing interest in stablecoins. “We regularly scan and test new opportunities to meet our customers' evolving needs,”a Fidelity spokesperson was quoted saying.

Stablecoins, once the domain of crypto-native firms, are now drawing attention from established players. PayPal launched its own version last year, while Robinhood and Revolut are exploring similar moves. Europe’s Societe Generale has already issued a euro-denominated token. 

Fidelity’s entry adds more weight to the sector as regulators in the U.S. and Europe begin to carve out clearer rules. Two bills moving through the House and Senate could soon give stablecoins a broader role in payments, and President Donald Trump’s administration has voiced open support for the technology.

Fidelity is also preparing a tokenized money market fund, according to regulatory filings. That would follow BlackRock’s BUIDL fund, which now holds nearly $2 billion in U.S. Treasuries on-chain.

GameStop to Raise $1.3B Through Convertible Debt for Bitcoin Treasury Strategy

GameStop is raising $1.3 billion through a convertible debt offering to begin accumulating bitcoin, just 24 hours after revealing plans to adopt a crypto treasury strategy.

The retailer said it will issue convertible senior notes due in five years with a 0% coupon. An additional $200 million may be raised if underwriters exercise their option to purchase more notes, according to the company’s press release.

The proceeds will be used for “general corporate purposes, including the acquisition of bitcoin,” GameStop said.

Ethereum Completes Final Dress Rehearsal for Pectra Upgrade on Hoodi Testnet

Ethereum’s final dry run for its Pectra upgrade played out on Wednesday with a successful test on the new Hoodi testnet, marking a critical step forward after earlier test failures raised concerns.

The upgrade is Ethereum’s most substantial in over a year. Developers launched Hoodi after Pectra failed to finalize properly on both the Holesky and Sepolia testnets. Unlike those previous attempts, the Hoodi test completed as planned, giving confidence to core developers and staking providers who rely on the test environment to prepare their systems.

Pectra is aimed at improving the experience for developers and end-users alike. One key feature allows Ethereum wallets to function more like smart contracts. That means wallets could soon offer tools such as paying gas fees in tokens other than ETH.

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