Several leading blockchain firms, including Solana Foundation, Fireblocks, Monad Foundation, Polygon Labs, TON Foundation, Stellar Development Foundation, and Mysten Labs, have joined forces to streamline blockchain payments through a new initiative known as the Blockchain Payments Consortium (BPC).
The group aims to develop a unified framework for cross-chain payments, focusing on stablecoin transactions that match the speed, compliance, and reliability of traditional payment systems.
Cross-Chain Payments Gain Institutional Momentum
According to The Block data, the BPC initiative reflects growing momentum within the blockchain sector to make digital payments more interoperable and compliant. Recent data shows that on-chain payment volumes surpassed $20 trillion in 2024, exceeding Visa and Mastercard combined. Despite this milestone, the blockchain payment landscape remains fragmented, with networks operating under different technical and compliance standards.
Hence, the newly formed consortium seeks to bridge this divide by creating technical standards that enable seamless communication between networks. These efforts align with broader developments in the financial sector. Coinbase and Citi have recently begun exploring fiat-to-stablecoin settlement methods, while Swift is working to embed blockchain technology into its infrastructure to simplify cross-border transactions.
Regulatory Clarity Boosts Blockchain Adoption
Regulatory clarity in the United States around stablecoins has fueled institutional adoption of blockchain payments. Consequently, major banks are now testing blockchain frameworks for settling diverse asset classes. Industry leaders believe this clarity will accelerate integration between legacy financial systems and blockchain technology, enabling faster and cheaper global transactions.
Ran Goldi, Fireblocks’ Senior Vice President of Payments and Network, emphasized the industry’s evolution, stating, “Over the last 18 months, our industry has achieved mainstream adoption, with payments at the forefront.” His remarks highlight the growing demand for secure, efficient blockchain solutions that comply with financial regulations while offering speed and scalability.
Building a Borderless Financial Infrastructure
The BPC intends to ensure that payments between blockchains mirror the simplicity of traditional systems while retaining decentralization benefits. Nikola Plecas, Vice President of Payments at the TON Foundation, expressed optimism about the collaboration, saying, “Through the Blockchain Payments Consortium, we’re uniting networks, institutions, and enterprises to make blockchain payments fast, trusted, scalable, and global.”
Source: https://coinpaper.com/12163/solana-fireblocks-ton-polygon-and-others-unite-to-standardize-cross-chain-payments
