Monad Foundation, the organization behind the high-speed layer 1 blockchain unit, Getting Stablecoin Infrastructure Platform Portal Labs to Expand Blockchain-Based Payments.
Monard said the acquisition will accelerate its entry into the Stablecoin space and improve tools for building developers and fintech buildings using digital dollars. MONAD is a layer 1 blockchain compatible with Ethereum virtual machines (EVM) And it can exceed 10,000 transactions per second.
Portal offers an embedded wallet infrastructure designed for stable payments and will remain a separate brand, operating as a wholly owned subsidiary. Raj Parekh, co-founder of the portal and former executive of Visa’s global cryptocurrency division, joined Monad as head of payments and StableCoins.
The news came out because Stablecoins had a breakthrough moment in the broader financial world, with fintech and banks exploring ways to incorporate asset classes into cross-border payments.
Stablecoins are cryptocurrencies whose prices are related to external assets, mainly to the US dollar, and trading using blockchain tracks is faster and cheaper than three-chain channels. Analysts at Citi, Global Bank projection By 2030, such stable people could become a $3.7 trillion asset class with regulatory support.
With the heating of Stablecoin space, acquisition is also rising. Payment company Stripe recently acquired Stablecoin infrastructure company bridge and wallet platform private Enhance the payment function of its blockchain powered payments.
“Payment is a killer use case for blockchain and provides exciting unlocks for widely adopted cryptocurrencies,” said Keone Hon, co-founder and general manager of Monad Foundation, in a statement.
He added: “Portal’s production-grade Stablecoin Rails will provide plug-in solutions for enterprises and developers to incorporate Stablecoin payments into its platforms and applications.”
Read more: Stablecoins can bring “Chatgpt” moments to blockchain adoption, reaching 3.7 tons by 2030: Citi
