BlackRock-Backed Stablecoin Launches on Ethereum

A consortium of over 140 organizations, including financial giants BlackRock and Visa, has confirmed plans to launch a new Ethereum-based stablecoin called Open USD (OUSD).

The project is governed by Open Standard, an independent consortium that aims to distribute reserve income across ecosystem partners instead of concentrating it with one issuer.

Fundstrat co-founder Tom Lee noted the launch as another sign of Ethereum's growing role in global finance.

OUSD also allows businesses to mint and redeem without fees or volume caps.