A coalition backed by BlackRock, Google, Coinbase and other firms announced on Tuesday that it will launch a brand-new stablecoin.

Named 'Open USD', this US dollar stablecoin is scheduled to roll out later this year on Base, the blockchain affiliated with Coinbase, as well as Solana and other networks. Around 140 companies including payment giants Visa, Stripe and Mastercard have signed up to adopt this stablecoin.