Major Blockchain Firms Join Forces to Create $10 Trillion Consortium for Standardizing Stablecoin Transactions

Seven significant blockchain infrastructure providers have unveiled the Blockchain Payments Consortium (BPC), aimed at establishing standard protocols for digital asset transactions across various networks. This initiative seeks to simplify cross-chain stablecoin transactions and enhance compliance, representing over $10 trillion in annual transaction volume.

Key Takeaways

The Blockchain Payments Consortium (BPC) has been established by seven leading blockchain companies.
The consortium aims to standardize stablecoin transactions across networks.
The group will work towards creating a unified framework for seamless, compliant cross-chain payments.
The initiative reflects a growing trend of mainstream blockchain adoption in the payments sector.
Working groups will begin operation in Q1 2025, focusing on technical standards and regulatory compliance.

What Is Blockchain Technology

Introduction to the Blockchain Payments Consortium

In a significant move to enhance digital asset transactions, Fireblocks, Polygon Labs, Mysten Labs, the Monad Foundation, the Solana Foundation, the Stellar Development Foundation, and the TON Foundation have collectively announced the formation of the Blockchain Payments Consortium (BPC). This industry-wide initiative is designed to create standardized payment processes for stablecoins across various blockchain networks.

The founding members represent over $10 trillion in annual stablecoin transaction activity. The consortium’s objective is to develop a cohesive framework that makes cross-chain transactions almost as seamless and compliant as conventional payment systems.

Developing a Unified Framework for Payments

In the year 2024, the volume of on-chain payments nearly hit $20 trillion, exceeding the combined volumes of traditional payment giants Visa and Mastercard. However, despite this rapid expansion, blockchain payments remain fragmented due to varying technical standards, compliance measures, and settlement processes.

Screenshot of Cross-Chain Blockchain Payment Systems

To address these challenges, the Blockchain Payments Consortium will create a common framework that ensures interoperability. This framework aims to bring the reliability and regulatory consistency of traditional payment systems to the blockchain environment.

By fostering collaboration among blockchains, regulatory bodies, and financial institutions, the consortium aspires to establish a unified, borderless payment infrastructure.

“Over the last 18 months, our industry has gained mainstream traction, particularly in the area of payments,” noted Ran Goldi, SVP of Payments and Network at Fireblocks. “With more established players entering the market, enhancing how we work together is vital. The Blockchain Payments Consortium provides an essential platform for achieving this,” Goldi continued.

Industry Leaders Focus on Interoperability

Founding members underscored that achieving interoperability and compliance are crucial hurdles to the widespread acceptance of blockchain payments on a global scale.

“At Polygon Labs, we recognize payments as the most substantial real-world application for blockchain technology,” stated Jamal Raees, head of payments at Polygon Labs. “The future of payments revolves around connectivity and simplicity—streamlining the process to make it as straightforward and dependable as sending a text message.”

Lola Oyelayo-Pearson, director of commerce and consumer product at Mysten Labs, added that the complexities of interacting between fiat and blockchain systems have hindered broader adoption. She remarked, “The development of hybrid payment systems will hinge on establishing interoperability standards.”

Raj Parekh, head of stablecoins and payments at the Monad Foundation, emphasized the importance of marrying innovation with financial regulation for global scale. “BPC’s framework will aid in bridging that gap, allowing for quicker, safer, and more reliable payment experiences.”

Building a Trusted Global Blockchain Payments Network

Members from Solana to Stellar and TON share a vision for blockchain payments that leverage speed, scalability, and trustworthiness. “Solana enables capital to transfer at internet speed,” declared Sheraz Shere, GM of payments at the Solana Foundation. “The BPC will help set unified standards that make blockchain payments as easy and trustworthy as any traditional network.”

Raja Chakravorti, chief business officer at the Stellar Development Foundation, highlighted that “genuine global adoption requires not only speed but also trust, interoperability, and well-defined standards.”

Concluding the discussion, Nikola Plecas, VP of payments at the TON Foundation, said, “Through the Blockchain Payments Consortium, we aim to unite networks, institutions, and enterprises to foster fast, trusted, scalable, and global blockchain payments.”

Operational activities of the BPC will commence immediately, with working groups focused on technical standards, compliance frameworks, and institutional integration set to launch in the first quarter of 2025.