• Crypto giants form BPC to unify global blockchain payment standards.
• Stablecoin transfers hit $27.6T in 2024, surpassing Visa and Mastercard.
• The consortium targets faster, cheaper, and compliant cross-border crypto transactions.

The largest seven crypto firms have collaborated to create the Blockchain Payments Consortium (BPC). The alliance will seek common standards of blockchain payments and enhance the digital transaction interface with traditional finance. The organization is set to accelerate cross-border payments by making them cheaper and more dependable on multiple blockchain systems.

Fireblocks, Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation are the founding members of the consortium. They will work together to come up with a collaborative framework to promote interoperability and resolve fragmented blockchain systems that usually slug transactions.

Blockchain Adoption Surges as BPC Pushes for Global Payment Standards

The BPC in its announcement said that the global payment industry is being revolutionized with blockchain rails. Nevertheless, fragmented and unrelated systems between blockchain and conventional finance impede expansion. The consortium feels that the global standards will be necessary in order to unlock the full potential of blockchain and will encourage expanded institutional application.

Source: BPC

According to the blockchain analytics company Artemis Terminal, transaction activity has steadily increased. Stablecoin transfers grew by 4.36% in the past month, to $3.7 trillion in adjusted transaction volume. In 2024, blockchain transfers will have increased to $27.6 trillion, exceeding the totals of Visa and Mastercard by 7.7%.

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The structure of the BPC is oriented towards enabling banks, enterprises, and payment providers to conduct their operations more effectively across jurisdictions. It will also serve as an intermediary connecting blockchain developers, regulators, and financial institutions to make the world compatible concerning compliance. The overall aim of the group is to develop a stable business model that promotes trust and transparency in blockchain payments.

Crypto Executives Hail BPC as a Turning Point for Global Payments

The senior vice president of payments at Fireblocks, Ran Goldi, declared that the business is moving into a very significant stage. He said that it is over the last 18 months that blockchain payments began to be mainstream. Cooperation and common standards will play a crucial role in sustaining growth as the current competitors increase their presence in the market.

The chief business officer of Stellar Development Foundation, Raja Chakravorti, said that the consortium is an essential move towards industry maturity. The partnership is a milestone in creating payment infrastructure to be united with blockchain, he stated.

The Blockchain Payments Consortium will pay attention to compliance, interoperability, and security. It will ensure the further integration of crypto into the global financial system and set the next level of blockchain innovation by making the process of transaction and coordination easier.

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