Blockchain

Fireblocks, Polygon, Stellar & Others Form Consortium for Stablecoin Payments

Some of the biggest names in blockchain have come together to form a new group called the Blockchain Payments Consortium (BPC) to make stablecoin transactions work smoothly across different blockchains. The major firms that joined the team are Fireblocks, Polygon Labs, Mysten Labs, the Monad Foundation, the Solana Foundation, the Stellar Development Foundation, and the TON Foundation.

As per the official statement, the consortium’s goal is to build a common framework for blockchain payments, one that works across networks and borders. Each blockchain currently operates under its own set of technical and compliance rules, causing transactions to be fragmented and often hard to coordinate. BPC seeks to fix that with shared standards for faster, safer, and more compatible payments.

The BPC will also serve as a bridge between blockchain ecosystems, regulators, and traditional financial institutions. The group also aims to make blockchain payments as reliable and seamless as traditional ones by aligning rules and standards across networks. The initiative comes a year after enormous growth in on-chain settlements, with more than $15 trillion settled using blockchain in 2024, a figure that even surpassed Visa and Mastercard in transaction volumes.

Yet despite that momentum, the lack of coordination across networks remains one of the important barriers to scaling blockchain payments globally. Executives from the founding members say better collaboration is key as blockchain payments grow. Highlighting how blockchain payments have grown in the last year and a half, Fireblocks’ Ran Goldi said better collaboration is needed in the industry to keep up with demand.

He noted, “The Blockchain Payments Consortium offers a vital platform to achieve this,” emphasizing the importance of shared standards for faster and safer transactions. Fireblocks itself handles about 15% of all blockchain transactions and serves 70% of institutions, showing why coordinated efforts matter. Stellar’s Raja Chakravorti said that while blockchain can move money quickly and cheaply, wider adoption needs trust, clear standards, and interoperability.

He highlighted, “The Blockchain Payments Consortium represents a critical step forward in maturing our industry,” noting that BPC’s work to create common frameworks fits Stellar’s vision of open and accessible financial infrastructure. Lola Oyelayo-Pearson, Director of Mysten Labs, said the rise of stablecoins shows the payments industry is ready for blockchains like Sui, which can settle transactions almost instantly and handle large volumes.

Terron Gold