Seven companies including Solana launch consortium to standardize blockchain payments

Global major blockchain companies have formed a new body aiming to standardize payment transactions.

On the 6th (local time), CoinDesk reported that seven organizations — Fireblocks, Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation — launched the 'Blockchain Payments Consortium (BPC)'.

BPC said it aims "to increase the efficiency of blockchain payments by building a common framework that meets traditional payment data requirements."

In a statement the consortium explained, "Our goal is to increase blockchain payment efficiency by building a common framework that meets traditional payment data requirements," adding, "Blockchain payment networks are reshaping the global payments market, but lack of connectivity with existing financial systems has been pointed out as causing fragmentation and inconsistency for users and institutions."

According to blockchain data platform Artemis Terminal, as of the 30th, stablecoin transfer volume recorded a 4.36% increase to 3.7 trillion dollars, and the total transfer volume for 2024 was 27.6 trillion dollars, exceeding the combined transaction volume of Visa and Mastercard by 7.7%.

BPC said the framework will pursue integration of blockchain-based low-cost, high-speed cross-border remittances and regulator-friendly payment infrastructure. It added, "We will act as a bridge connecting the blockchain ecosystem, regulators, and traditional financial institutions," and "will establish cross-border interoperable compliance standards."