The Distributed Ledger Settlement Group, comprising various dominant crypto firms entities, commenced existence to establish a “shared protocol that improves distributed ledger dealings.”
Seven Crypto Firms Collaborate on Unified Standards for Inter-Chain Stablecoin Transfers
Seven crypto firms enterprises have collaborated to implement shared criteria for inter-chain steady coin conveyances, succeeding a record year in 2024 where transfer totals exceeded those of Visa and Mastercard.
Fireblocks, the Solana Foundation, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation announced on Thursday they are uniting to constitute the Distributed Ledger Settlement Group (DLSG).
The coalition seeks to forge a “shared structure that elevates distributed ledger dealings with the conventional data prerequisites of established remittance methods.”
“Blockchain rails are reshaping the global payments landscape. But for blockchain payments to reach full potential, we must address the inconsistent and fragmented experiences individuals and institutions face when moving between traditional payments and blockchain,”
the BPC said in its manifesto.
Steady coin conveyance totals have grown 4.36% over the preceding thirty days, with modified transaction volume exceeding $3.7$ trillion, as indicated by the distributed ledger analysis resource Artemis Terminal.
Concurrently, for the entirety of 2024, the aggregate attained $27.6$ trillion, eclipsing the accumulated totals of Visa and Mastercard by 7.7%.
New Framework Aims to Boost Adoption
Chief among the aims of the DLSG is to facilitate quicker, inexpensive intercontinental transfers and money dispatches, while additionally incorporating distributed ledger environments into conventional finance and conforming to supervisory bodies.
“This will enable financial institutions, enterprises, and other organizations to build systems that work seamlessly across networks and borders,”
the BCP said.
It added that it wanted to “act as a bridge between blockchain ecosystems, regulators, and traditional financial institutions; offering a consistent, interoperable framework for compliance across jurisdictions.”
A Key Step Toward Maturity
Stellar Development Foundation principal commerce executive Raja Chakravorti expressed the coalition of crypto firms enterprises is “a vital advance in advancing our sector.”
Fireblocks supplemented that there exists “no mutual parlance for distributed ledger settlements,” which leads to “disagreement, disjointedness, and unrealized capacity.”
Fireblocks’ chief payments representative, Ran Goldi, communicated the sector has commenced witnessing broader integration, yet greater partnership is requisite.
“Over the last 18 months, our industry has achieved mainstream adoption, with payments at the forefront. As more established players enter the space, improving how we collaborate, coordinate, and operate together is essential,”
he said.
