The Fidelity Stablecoin that does what so-called ‘Stablecoin’ issuers claim is impossible!

6 min readJul 3, 2021



We hear a lot from so-called ‘Stablecoin’ Issuers that they can’t do audits, because so-called ‘Stablecoins’ are such a new and innovative concept.

We also hear from these issuers that the breakdown of their reserves must be a total secret. We hear bullshit terms such as “Commercially Sensitive Commercial Paper”.

But what if I told you… that there was already a Stablecoin that showed you that these issuers, are completely full of shit?

Well, there is.

It’s called the Fidelity SPAXX.

The WORLD is not anymore the way it used to be, mm mm MM, NO! NO!! NO!!!

The Fidelity “SPAXX” is an instrument available on Fidelity that exists to park your cash when you’re not invested in a stock, much like Tether is used to “park” your funds when you’re not gambspeculating on crypto currencies. Fidelity gives you the option to use SPAXX, or FDIC, so using SPAXX is optional, one of the pitfalls with the SPAXX is that it’s not FDIC insured, just like so-called ‘Stablecoins’.

When you’re researching SPAXX, they produce a fact sheet and an annual report. Let’s take a look at their fact sheet first.

The Fidelity SPAXX provides a breakdown of their reserves without the New York Attorney General having to sue them first and fight them in court for two years. It’s right there in the fact sheet.

How novel.

As we can see, at least 99.53% of the SPAXX is invested in very safe investments. The chances of these investments “breaking the buck” is quite low. Probably about as likely as Tether obtaining an audit from a big four auditing firm.

The other really snazzy thing about the Fidelity SPAXX, they pass through the interest generated! Hot damn! They do take some of it for themselves for managing the fund, but they pass the remainder to you, unlike so-called “Stablecoin” issuers who pocket the whole thing and can only produce a fourth graders “my first Excel spreadsheet” pie chart, or nothing at all.

Fidelity SPAXX has roughly $221 billion AUM.

Now, the return is very small, but’s still greater than all so-called “Stablecoin” issuers, and it comes with extra features… like transparency! So not only do you get interest, as part of their management fees they compile fact sheets and annual reports and pay for an auditor to look things over with an audit.

Now, the conspiracy theorist in me, this isn’t enough. I mean, I want more detail. How do I get more detail on what they’re really holding? If I want to spread FUD about the Fidelity SPAXX, there’s still a ten foot hole with their so-called ‘FACT SHEET’.

Well, buckle up, because the Fidelity SPAXX produces a report that shows you exactly what the fuck they’re holding in their magic SPAXX Fund.


This is already lightyears far and above and beyond what Tether produces and other so-called “stablecoins”, so let’s scroll further down and see what other disclosures they reveal.

They list their counterparties!

The ‘old’ and outdated “ok boomer” non-blockchain standard of transparency!

Now, I’ve only included a few pages out of 48 pages. The full document is way longer and more in depth, and it looks like it pretty much includes everything that the SPAXX is holding.

But wait, what about auditing? I can still spread FUD about audits though, right?!

FUD’ing dreams smashed to pieces.

The Fidelity SPAXX also discloses the custodians, and has a big four auditing firm. An audited stablecoin. Something that so-called ‘stablecoin’ issuers claim is impossible.

Holy shit. An audit of a stablecoin, NOT an attestation!

In addition to the annual report, they also publish a monthly report, that provides a full breakdown by month of every asset and CUSIP number. Twelve pages of full blown transparency. Unfuckingbelievable!

So, as you can see first hand, Blockchain based so-called ‘stablecoin’ issuers, are completely full of shit when it comes to them being unable to be audited. A stablecoin backed by USD and safe USD denominated assets can in fact be audited, and can be transparent about what’s in the basket of assets. There are auditors today that already know how to audit something like the SPAXX.

And they can do this while still providing you some of the interest generated. It’s not much, but it’s far and above and beyond what so-called “Stablecoins” are doing today.

It would be possible today to design a stablecoin that simply copies the SPAXX and pocket all of the interest, and it would be able to be audited and transparent about the holdings!

It would be miles ahead of what we see today with “Blockchain” based so-called “Stablecoins”.

So why aren’t “blockchain” based so-called “Stablecoins” just copying the SPAXX, which collects hundreds of millions of dollars in fees before passing the remainder to SPAXX ‘hodlers’.

Good question.

And what are you getting by holding Tether and letting them keep all of the interest for themselves?

The Tether “New Standard for Transparency”

Fidelity provides 48 pages of annual detailed reports and 12 page monthly detailed reports, of their holdings of $221 billion dollars.

Tether provides a single page pie chart for $62 billion dollars and refuses to disclose the breakdown or counterparties, and as an added bonus, the Fidelity SPAXX didn’t hand over nearly a billion dollars to money launderers and then attempt to cover up the losses by speculating on crypto currencies.

Tether effectively charges you substantially more money, for substantially less transparency and flagrantly irresponsible behavior with customer funds.

USDC also has transparency problems as well, so I’m not letting them off the hook, and they can expect to see me pushing them for transparency the same way I have hit Tether, if they continue to drag their feet about the transparency about their reserves. Stop bullshitting and produce the reports, just like what the Fidelity SPAXX provides investors with today. There are no excuses.

If the Fidelity SPAXX can do it, so can blockchain so-called ‘stablecoins’. They have invented nothing new that an auditor would not be able to understand.

It literally already existed before ‘blockchain’ so-called ‘stablecoins’.

Trade carefully.





Blog for @Bitfinexed on Twitter. Exposing possible fraud by largest Bitcoin exchange, Bitfinex/Tether