Monad Foundation, the organization behind the high-speed layer-1 blockchain-Monad, acquires stablecoin infrastructure platform portal labs in an attempt to scale up blockchain-based payments.
Monad said the acquisition will speed up its push in the stablecoin space and improve tools available to developers and fintech’s building with digital dollars. Monad is a LAG-1 blockchain compatible with ethereum virtual machine (Evm) and capable of over 10,000 transactions per Second.
Portal, which offers embedded wallet infrastructure designed for stablecoin payments, remains a separate brand that acts as a wholly owned subsidiary. Raj Pplekh, Portal’s co -founder and a former director of Visa’s Global Crypto Division, joins Monad as head of payments and stableecoins.
The news comes as stableecoins have a breakthrough moment into the wider financial world, with fintechs and banks exploring ways to integrate the asset class for cross -border payments.
Stableecoins are a type of cryptocurrency with prices linked to an external asset, predominantly to the US dollar and promises faster and cheaper transactions using Blockchain rails compared to Traidal channels. Analysts at Global Bank Citi expected stableecoins to become a $ 3.7 trillion asset class by 2030 with regulatory support.
Acquisitions also increase when the stablecoin room is heated. Payment company Stripe has recently acquired StableCoin Infrastructure Firm Bridge and Wallet Platform, which is interested in improving its blockchain-powered payment features.
“Payments are a killer use case for blockchains and presents an exciting unlock for widespread crypto recording,” Keone Hon, co -founder and general manager of the Monad Foundation, said in a statement.
“Portal StableCOin rails in the production quality will give companies and developers plug-and-play solutions to incorporate stablecoin payments into their platforms and apps,” he added.
Read more: StableCeCons could bring ‘Chatgpt’ Moment to Blockchain Reconciliation, hit $ 3.7T in 2030: Citi
