Seven crypto firms have formed a new group to improve how blockchain-based transactions work across networks. The Blockchain Payments Consortium (BPC) includes Fireblocks, Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation. The group aims to set a shared framework that can support both crypto and traditional payment systems.
Meanwhile, the BPC plans to develop a framework that helps standardize blockchain payments while meeting the data needs of traditional finance. The goal is to reduce the issues that come from different systems working in separate ways. The group says that many users and institutions face challenges when moving between crypto and traditional platforms.
The BPC stated that “blockchain rails are reshaping the global payments landscape,” but added that a lack of consistent experiences is slowing progress. The framework they plan to build would help smooth out cross-network and cross-border payments. This may allow institutions to use blockchain more easily while staying aligned with current systems.
Stablecoin Usage Drives Industry Cooperation
Data from Artemis Terminal shows stablecoin transactions reached $3.7 trillion in the past 30 days, up 4.36%. For 2024, the full-year total hit $27.6 trillion, which is 7.7% higher than combined volumes from Visa and Mastercard. The rise in volume has made collaboration among firms more urgent.
Fireblocks noted the absence of a standard language for blockchain payments. This has created confusion and missed opportunities across platforms. Fireblocks executive Ran Goldi explained that more traditional players are entering the space. He said the industry needs to improve how it “collaborates, coordinates, and operates.”
Building Links Between Crypto and Finance
The BPC wants to build tools that allow financial institutions and enterprises to connect easily with blockchain systems. One aim is to help firms stay compliant in different regions while operating across networks. The group says it plans to act as a link between crypto, regulators, and traditional finance.
Stellar Development Foundation’s Raja Chakravorti said the effort is “a critical step forward in maturing our industry.” The group expects that shared standards can help reduce friction and support broader adoption.
Separately, the United Nations Development Programme (UNDP) is launching two new projects for blockchain use in the public sector, as we reported. The first is a training academy for government workers. The second is an international advisory group to help guide blockchain adoption.
The program will begin with four countries and is expected to go live in the coming weeks, pending final approval.
