Solana is entering a strategic détente with other major layer-1 networks, aiming to replace the current patchwork of payment channels with a coherent, cross-chain framework for institutions.
Summary
- Solana has joined Polygon, TON, Sui, Monad, and Fireblocks to launch the Blockchain Payments Consortium.
- The group aims to create unified technical and compliance standards for blockchain-based payments.
According to an announcement on Nov. 6, the Solana Foundation has entered into a formal alliance with a group of its primary competitors, including Polygon, TON, Sui, and Monad, alongside infrastructure giant Fireblocks, to form the Blockchain Payments Consortium, or BPC.
The coalition marks a significant departure from the typical ecosystem tribalism that has defined the sector. Their stated goal is to collaboratively develop a unified technical and compliance framework to address interoperability headaches that have prevented institutional capital from flowing freely across different blockchain networks.
“We will act as a bridge between blockchain ecosystems, regulators, and traditional financial institutions, offering a consistent, interoperable framework for compliance across jurisdictions,” BPC said in their manifesto. “Together, we can lay the foundation for blockchain payments to operate on a global scale: fast, trusted, and truly interoperable.”
Solana and partners push for a common payments framework
Solana and partners are taking direct aim at a core paradox within the crypto industry. While blockchain networks collectively settled over $15 trillion onchain in 2024 — a figure that eclipses the combined volume of Visa and Mastercard — this activity remains siloed.
For businesses and financial institutions, this creates a landscape riddled with friction. Moving value across different chains often involves navigating a maze of incompatible standards, varying compliance requirements, and a lack of shared security models.
Solana and its new partners are making a bold wager: that the key to unlocking the next chapter of digital payments lies in collaboration, not just competition. Their goal is to standardize the transaction data, the compliance handshakes, and the cross-chain settlements. They envision a future where digital value moves between blockchains as effortlessly as fiat currency moves between banks today.
Ultimately, their shared framework seeks to build a bridge between the innovative but often chaotic world of public networks and the stringent demands of traditional payment providers and regulators.
The consortium aims to give enterprises a standard, predictable rulebook for onchain transfers, all while preserving the decentralized nature that gives these blockchains their unique power.
