Fidelity Digital Assets, the national crypto trust bank subsidiary of Fidelity Investments, is set to launch a dollar-backed stablecoin on ethereum.

The Brazil-based fintech got conditional approval from the OCC to bring its digital banking services to U.S. customers.

A one-time accounting change will boost the bank's ability to spend on marketing. Traders flinched at the change; analysts called it a buying opportunity.

The fintech, founded by an ex-Coinbase executive, seeks to offer stablecoin-powered global money movement services to businesses.