BlackRock, Google Join Banks and Crypto Firms in Backing New Stablecoin — WSJ

By Vicky Ge Huang

A consortium backed by companies including BlackRock, Google and Coinbase said Tuesday that it is launching a stablecoin.

Called Open USD, the new dollar-backed stablecoin is slated to be offered later this year on the Coinbase-affiliated blockchain Base, as well as on Solana and other networks. Some 140 companies, including payment giants Visa, Stripe and Mastercard, have signed up to use the stablecoin.

Stablecoins have become increasingly mainstream since President Trump signed the Genius Act into law last year, establishing a regulatory framework for the dollar-pegged cryptocurrencies. The largest stablecoins are Tether's USDT and Circle Internet Group's USDC, which together command a market cap of about $260 billion.

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