A coalition of prominent blockchain and crypto organizations has come together to establish a unified framework for blockchain-based payments, aiming to streamline crosschain stablecoin transactions and close the gap between decentralized finance and traditional financial systems. Named the Blockchain Payments Consortium (BPC), the group includes Fireblocks, Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation.
This alliance was formed in response to the surging adoption of stablecoins, which in 2024 alone saw an unprecedented $27.6 trillion in transaction volume — outpacing Visa and Mastercard combined by 7.7%. The group’s mission is to develop interoperable standards that make blockchain payments more consistent, efficient, and compatible with existing financial regulations and infrastructure.
The BPC aims to build a common framework that not only streamlines blockchain transactions but also integrates the essential data elements and compliance requirements of legacy payment systems. According to the consortium’s declaration, the fragmented nature of blockchain payments is a major obstacle to mainstream adoption, as users often encounter friction when moving funds between traditional banking rails and decentralized networks.
Ran Goldi, Senior Vice President of Payments at Fireblocks, emphasized the need for cooperation to overcome these barriers. “The last 18 months have shown that blockchain payments are no longer niche. With adoption accelerating, alignment between emerging and established players is no longer optional—it’s a necessity,” he said.
Stablecoin usage continues to rise, with a 4.36% increase in transfer volume over the past month alone, reaching over $3.7 trillion in adjusted transaction volume, according to analytics platform Artemis Terminal. This growth underscores the pressing need for reliable, scalable, and standardized infrastructure to support global transactions.
The BPC’s broader vision includes enabling faster, cheaper cross-border payments and remittances, which remain a key pain point for both consumers and financial institutions. By establishing universal protocols that promote interoperability across different blockchains, the consortium hopes to reduce friction and deliver more seamless user experiences.
A significant component of the initiative is regulatory alignment. The BPC intends to act as a liaison between blockchain developers, regulators, and traditional financial institutions, ensuring that compliance standards are met across jurisdictions. This is especially relevant as governments worldwide tighten oversight of digital assets and demand clearer accountability from crypto operators.
Raja Chakravorti, Chief Business Officer at the Stellar Development Foundation, remarked that this initiative marks a pivotal moment for the blockchain industry. “This collaboration is a foundational step toward maturing our ecosystem and building trust with the broader financial world,” he said.
One of the major challenges the BPC hopes to resolve is the absence of a “shared language” for blockchain payments. Without common standards, developers and institutions face complexities in integrating services, resulting in inefficiencies and lost opportunities. The consortium believes establishing standard protocols will allow enterprises to build cross-network systems with greater ease and reliability.
Beyond just facilitating transactions, the BPC’s framework could support advanced financial applications such as programmable payments, real-time settlements, and automated compliance checks. These functionalities are critical for unlocking the full potential of blockchain in areas like trade finance, insurance, payroll, and decentralized marketplaces.
The timing of the initiative is also strategic. With central banks exploring digital currencies (CBDCs) and more traditional financial firms entering the crypto space, the need for interoperable, secure, and compliant transaction systems has never been more urgent. The BPC’s work could serve as a blueprint for how digital asset infrastructure can coexist with — and enhance — legacy financial systems.
In addition to technical and regulatory alignment, the consortium is likely to focus on security and risk management. As the industry grapples with incidents such as major stablecoin depegs and exchange collapses, building trust through standardized practices will be key to driving institutional adoption.
The BPC may also play a role in shaping global policy conversations around digital finance. By presenting a unified voice and offering tested frameworks, the group could influence how regulators approach blockchain-based payments and contribute to the development of international standards.
As the blockchain industry continues to mature, such collaborative efforts reflect a shift from competition to coordination. Rather than building in silos, major players are recognizing the value of shared infrastructure, open standards, and transparent governance in driving long-term growth and credibility.
The Blockchain Payments Consortium’s success will likely depend on its ability to balance innovation with compliance, speed with stability, and decentralization with interoperability. If it achieves these goals, it could become a cornerstone of the next generation of global financial infrastructure.