Seven cryptocurrency firms have teamed up to set unified standards for cross-chain stablecoin transfers, following a record-breaking 2024 in which transfer volumes exceeded those of Visa and Mastercard.
Fireblocks, the Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation announced on Thursday the formation of the Blockchain Payments Consortium (BPC).
The consortium aims to establish a common framework that aligns blockchain transactions with the data requirements typically associated with traditional payments.
“Blockchain networks are transforming the global payments landscape. To realize their full potential, however, we need to solve the fragmented and inconsistent experiences individuals and institutions encounter when moving between traditional and blockchain payments,” the BPC said in its manifesto.
Stablecoin transfer volumes have risen 4.36% over the past 30 days, with adjusted transaction volumes exceeding $3.7 trillion, according to blockchain analytics platform Artemis Terminal.
For the full year of 2024, total volumes reached $27.6 trillion, outpacing the combined transaction volumes of Visa and Mastercard by 7.7%.
Framework aims to drive adoption
The Blockchain Payments Consortium (BPC) aims to facilitate faster, lower-cost cross-border payments and remittances, while integrating blockchain networks into traditional finance and ensuring regulatory alignment.
“This initiative will allow financial institutions, enterprises, and other organizations to build systems that operate seamlessly across networks and borders,” the BPC said.
The consortium also intends to serve as “a bridge between blockchain ecosystems, regulators, and traditional financial institutions, providing a consistent and interoperable framework for compliance across jurisdictions.”
A step toward industry maturity
Raja Chakravorti, Chief Business Officer of the Stellar Development Foundation, called the collaboration “a critical step forward in maturing our industry.”
Fireblocks noted that the lack of a shared standard for blockchain payments creates “friction, fragmentation, and missed potential.”
Ran Goldi, Fireblocks’ Senior Vice President of Payments, added that while blockchain adoption is expanding, “greater collaboration is essential for the industry to reach its full potential.”
“Over the past 18 months, our industry has reached mainstream adoption, with payments leading the way. As more established players join, it’s crucial that we enhance collaboration, coordination, and collective operations,” he said.
