Monad Foundation acquires Portal Labs to accelerate stablecoin payment infrastructure.

Gate News bot news, the Monad Foundation announced the acquisition of Portal Labs (the team behind the Portal stablecoin wallet platform) to promote the adoption of stablecoins and expand the payment capabilities of Layer-1 blockchains. Portal CEO Raj Parekh will serve as the head of payments and stablecoin business at the Monad Foundation, bringing experience from Visa.

Portal will operate independently as a subsidiary of the Monad Foundation, led by the co-founders. This integration will enhance Monad’s Blockchain capabilities, integrating with Portal’s multi-chain strategy to provide stablecoin payment solutions for web2 and web3 enterprises.

The blockchain infrastructure of Monad has processed 2 billion transactions from 300 million addresses, highlighting its scale. The Monad testnet is now live, allowing developers to explore at any time.