
Overview
Monad Foundation, the organization responsible for a high-speed blockchain known as Monad, has acquired Portal Labs, a platform focused on stablecoin infrastructure. The goal is to enhance Monad’s payment capabilities in the crypto space.
Key Points
- Monad Foundation’s acquisition aims to strengthen its blockchain-based payments, particularly using stablecoins.
- As part of the acquisition, Raj Parekh, co-founder of Portal and a former executive from Visa’s crypto division, will join Monad to lead its payments strategy.
- Stablecoins are becoming increasingly important for fintech and banks looking to integrate cryptocurrencies into traditional payment systems.
Keone Hon, a co-founder of Monad, remarked: “Payments are a killer use case for blockchains.”
Market Context
The evolution of stablecoins is underway, with significant growth potential predicted. According to analysts, stablecoins could reach a $3.7 trillion asset class by 2030, provided regulatory support is established. Recent acquisitions in this sector reflect a rapidly growing interest in stablecoin capabilities and infrastructure within financial landscapes.
Read more: Stablecoins Could Bring ‘ChatGPT’ Moment to Blockchain Adoption