Monad Acquires Portal to Boost Stablecoin Infrastructure

The Monad Foundation has acquired Portal, a stablecoin infrastructure provider, according to an exclusive report. Portal will continue to operate independently but will leverage Monad’s technology to serve its customers. Raj Parekh, the founder of Portal, will transition to the role of Head of Payments and Stablecoins at the Monad Foundation.

The financial terms of the acquisition were not disclosed, but Keone Hon, co-founder of the Monad Foundation, stated that the acquisition aligns with their long-term vision of growing the onchain economy. Both entities have natural synergies and plan to collaborate on projects such as bridges and stablecoin wallets.

Monad, which is currently in the testnet phase and preparing to launch its mainnet soon, aims to become the preferred blockchain for stablecoin transactions. The acquisition of Portal is seen as a strategic move to enhance the infrastructure and developer tooling, making stablecoin transactions more efficient and secure.

Parekh highlighted that the regulatory environment is increasingly supportive of stablecoins, which have gained significant traction this year. The use cases for stablecoins are expanding, particularly in areas like banking and payments, which were previously considered less exciting but are now seeing increased adoption.

For Monad and Portal, the focus is on leveraging the existing infrastructure to push the boundaries of global money movement. The acquisition is part of a broader trend of increased M&A activity in the crypto space, particularly in the financial sector. This consolidation is seen as a positive sign, indicating the maturation and growth of various sectors within the industry.