Blockchain Giants Unite for Standardized Cross-Chain Payments
Major blockchain players including Solana, Fireblocks, Monad, and Polygon have formed an alliance to standardize cross-chain payments. The Blockchain Payments Consortium aims to create common standards for unified stablecoin transaction frameworks across networks.
The consortium targets the growth of on-chain payment volume, which reached nearly $20 trillion in 2024, exceeding combined Visa and Mastercard processing. Despite this growth, the landscape remains fragmented, with blockchain networks maintaining separate technical and compliance standards.
Stablecoin settlement has become a primary focus for major digital asset players recently. Coinbase and Citi announced last week that they're developing fiat-to-on-chain stablecoin payout systems, while Swift revealed September plans to integrate blockchain-based ledgers into its infrastructure.
The consortium's mission includes bridging traditional payment systems and blockchain networks. According to Fireblocks SVP Payments and Network Ran Goldi, the industry has achieved mainstream adoption over 18 months, with payments leading the way.