Fireblocks, Solana Foundation, Polygon Labs, and others unite to establish a standardized framework for blockchain-based payments, aiming to bridge the gap between digital assets and traditional finance.
Seven Leading Firms Launch Blockchain Payments Consortium
A coalition of seven major blockchain organizations — including Fireblocks, Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation — has announced the formation of the Blockchain Payments Consortium (BPC). The new group’s mission is to develop unified standards for crosschain stablecoin transfers and create a common framework that enhances blockchain transactions across global payment networks.
The initiative comes after a milestone year in 2024, when stablecoin transfer volumes surpassed those of Visa and Mastercard, with total adjusted transactions reaching $27.6 trillion, up 7.7% year-over-year, according to blockchain analytics data. In just the past 30 days, stablecoin transfer volumes have risen another 4.36%, topping $3.7 trillion.
Building Interoperability and Trust
The BPC said in its manifesto that “blockchain rails are reshaping the global payments landscape,” but the industry still faces fragmented standards that hinder seamless integration between traditional payments and blockchain systems.
“For blockchain payments to reach full potential, we must address the inconsistent and fragmented experiences individuals and institutions face when moving between traditional payments and blockchain,” the consortium stated.
The group’s broader vision includes developing a unified compliance and interoperability framework that aligns with global regulatory standards, enabling faster, low-cost cross-border payments, remittances, and institutional adoption.
“This framework will allow financial institutions and enterprises to build systems that operate seamlessly across different networks and jurisdictions,” the BPC added, emphasizing its goal to act as a bridge between blockchain ecosystems, regulators, and traditional financial institutions.
Industry Leaders Call It a “Critical Step Toward Maturity”
Raja Chakravorti, Chief Business Officer at the Stellar Development Foundation, called the formation of the consortium “a critical step forward in maturing our industry.”
Fireblocks echoed the sentiment, saying there is currently “no shared language for blockchain payments,” resulting in friction and inefficiency.
Ran Goldi, Senior Vice President of Payments at Fireblocks, added, “Over the last 18 months, our industry has achieved mainstream adoption, with payments at the forefront. As more established players enter the space, improving how we collaborate and operate together is essential.”
The establishment of the Blockchain Payments Consortium marks a turning point in the standardization of blockchain-based financial infrastructure, potentially setting the stage for greater institutional trust, interoperability, and regulatory clarity in the global payments ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.