Major Alliance Backs Launch of New Dollar-Pegged Digital Currency

Deep News06-30 23:55

A consortium supported by firms including BlackRock and Alphabet announced on Tuesday that it is launching a stablecoin.

The new dollar-pegged digital currency, named "Open USD," is expected to launch later this year on the Base blockchain associated with Coinbase, as well as on the Solana network and others. Approximately 140 companies, including payment giants Visa, Stripe, and Mastercard, have signed on to use this stablecoin.

Stablecoins have increasingly entered the mainstream since the enactment of the Genius Act last year, which established a regulatory framework for cryptocurrencies pegged to the U.S. dollar. The largest stablecoins currently are Tether (USDT) and USDC issued by Circle Internet Corp., with a combined market value of approximately $260 billion.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment