In a move announced today, the Monad Foundation acquired Portal Labs to enhance its blockchain-based payment capabilities. This strategic acquisition aims to accelerate Monad's entry into the stablecoin space, providing developers with improved tools. The acquisition was announced today. (Source: Financial Times, Today)
Portal Labs, specializing in embedded wallet infrastructure for stablecoin payments, will operate as a subsidiary. Raj Parekh, former executive at Visa's global crypto division, joins Monad as head of payments and stablecoins. This integration aligns with the growing adoption of stablecoins in the financial sector.
Active stablecoin wallets increased by 53% from February 2024 to February 2025, according to a report by Artemis and Dune. The GENIUS Act, a proposed U.S. federal law, aims to establish a regulatory framework for payment stablecoins. This will mandate stringent standards for issuers.