Blockchain Giants Unite: New Consortium Aims to Standardize Crypto Payments Globally

 The crypto and payments industry has taken a major step forward. A group of leading networks and service providers Fireblocks, Solana, Polygon, Stellar and TON (among others) have launched the Blockchain Payments Consortium (BPC), with the aim of creating unified standards for crypto payments across chains. 

In 2024 the total on-chain payment volume reached nearly $20 trillion, already surpassing traditional payments networks. Yet, fragmentation remains a major barrier. Different chains and platforms use various technical protocols, settlement mechanisms and compliance rules. The new consortium seeks to overcome this fragmentation and make blockchain payments as seamless and trusted as the systems in traditional finance.

Driving Forces Behind the Initiative

Several key trends explain why this consortium is forming now. First, stablecoins and crypto payments are maturing. With some networks processing more value than major card networks, the urgency to build robust infrastructure has never been greater. 

Second, interoperability has become a top priority. When payments must move across ledgers, between fiat and crypto, or cross borders, differing standards create costs, delays and risk. The consortium aims to define shared protocols for cross-chain settlement, data compliance, and integration into traditional financial rails. 

Third, regulatory pressure is rising. Financial institutions and regulators increasingly expect crypto platforms to adhere to the same standards of transparency, auditability and compliance as legacy payments networks. By uniting, major players hope to shape these rules rather than react to them. 

What the Consortium Plans to Achieve

The consortium’s mission is to deliver three core outcomes:

1. Technical Standards – Defining common protocols for cross-chain payments, stablecoin settlement, messaging and reconciliation.

2. Compliance Frameworks – Creating consistent data and regulatory compliance standards so blockchain payments can plug into the broader financial system.

3. Institutional Integration – Enabling enterprises, institutions and financial intermediaries to adopt crypto payment solutions with the confidence and support they expect from traditional networks.

By aligning networks like Solana and Stellar with infrastructure providers like Fireblocks and Polygon, the consortium aims to make it far easier for developers, fintech firms and banks to plug into a “global crypto-payment rail”. 

Why It Matters for Users and Businesses

For everyday users, this initiative promises faster, cheaper, and more reliable payments across borders and chains. Imagine sending value as easily as sending a message, regardless of what blockchain your counterparty is using.

For businesses and financial institutions, standardized rails mean fewer bespoke integrations, less risk of fragmentation, and greater confidence in deploying crypto payments. The industry theory here is simple: when you reduce friction and risk, you increase adoption.

Moreover, aligning crypto-rails with traditional payments systems means the promise of digital assets to move value globally, instantly and at low cost can begin to match reality. This is especially relevant for remittances, cross-border trade, micropayments and embedded finance.

FAQs

Q1: What is the Blockchain Payments Consortium (BPC)?
The BPC is a new industry alliance of major blockchain networks and infrastructure providers formed to create unified standards for cross-chain and stablecoin payments.  

Q2: Which organizations are part of the group?
Founding members include Fireblocks, Polygon Labs, Solana Foundation, Stellar Development Foundation, TON Foundation, Mysten Labs and the Monad Foundation.  

Q3: What problems is the BPC aiming to solve?
It aims to overcome fragmentation in blockchain payments by establishing common technical standards, compliance frameworks and integration protocols, enabling cross-chain value transfers with traditional-payment levels of trust and simplicity.  

Q4: When does the consortium plan to begin operations?
The working groups focused on technical standards, compliance and institutional integration are scheduled to begin in Q1 2025. 

Q5: Why is this initiative important for the broader crypto ecosystem?
Because payment use-cases (e.g., stablecoins, remittances) have matured, the next frontier is scalability and reliability. Unified rails can accelerate adoption, reduce risk and increase institutional participation.

Q6: How will this affect crypto users and businesses?
Users may benefit from smoother cross-chain payments and lower costs; businesses may benefit from more mature infrastructure, reduced complexity and easier regulatory compliance.