Seven crypto firms have joined forces to establish common standards for crosschain stablecoin transfers, following a bumper year in 2024 where transfer volumes surpassed those of Visa and Mastercard.
Fireblocks, the Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs and Monad Foundation said on Thursday they’re linking up to form the Blockchain Payments Consortium (BPC).
The group is aiming to create a “common framework that enhances blockchain transactions with traditional data requirements of traditional payments.”
“Blockchain rails are reshaping the global payments landscape. But 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 BPC said in its manifesto.
Stablecoin transfer volumes are up 4.36% in the last 30 days, with adjusted transaction volume topping $3.7 trillion, according to the blockchain analytics platform Artemis Terminal.
Meanwhile, for all of 2024, the total reached $27.6 trillion, surpassing the combined volumes of Visa and Mastercard by 7.7%.
Framework hopes to spur adoption
Among the goals of the BPC is to enable faster, low-cost cross-border payments and remittances, while also integrating blockchain ecosystems into traditional finance and aligning with regulators.
“This will enable financial institutions, enterprises, and other organizations to build systems that work seamlessly across networks and borders,” the BCP said.
It added that it wanted to “act as a bridge between blockchain ecosystems, regulators, and traditional financial institutions; offering a consistent, interoperable framework for compliance across jurisdictions.”
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Critical step toward maturity
Stellar Development Foundation chief business officer Raja Chakravorti said the alliance of crypto firms is “a critical step forward in maturing our industry.”
Fireblocks added that there is “no shared language for blockchain payments,” which results in “friction, fragmentation, and missed potential.”
Fireblocks’ senior vice president of payments, Ran Goldi, said the industry has begun to see wider adoption, but more collaboration is needed.
“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, coordinate, and operate together is essential,” he said.
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