In a strategic move to accelerate stablecoin adoption and expand payment capabilities on its high-throughput Layer-1 blockchain, the Monad Foundation announced Wednesday its acquisition of Portal Labs, the team behind Portal's embedded stablecoin wallet infrastructure platform. This integration is set to create a comprehensive ecosystem for enterprise-grade stablecoin payments while maintaining Portal's existing customer relationships and multi-chain approach.
Following the completion of the deal, Raj Parekh, CEO and co-founder of Portal, will transition to head of payments and stablecoins at the Monad Foundation. Parekh brings extensive expertise from his previous role as director of Visa's global crypto product and will lead efforts to drive stablecoin ecosystem adoption, collaborating with issuers, payment platforms, financial institutions, and fintechs to build and deploy stablecoin-based products.
"Portal was built to lower the barrier for anyone to move money onchain," said Parekh. "The complementary visions of Portal and the Monad Foundation will scale that mission faster."
Portal will continue to operate independently as a wholly owned subsidiary of the Monad Foundation. Its co-founders, Parsa Attari (CEO), David Scrobonia (CTO), and Rami Shahatit (COO), will maintain their leadership roles. This acquisition positions Portal to accelerate the development of new modules and developer tooling across multiple blockchain networks.
The integration will combine Monad's high-throughput, low-latency blockchain capabilities with Portal's existing multi-chain strategy. This will enable more comprehensive stablecoin payment solutions for both web2 and web3 businesses. Monad's blockchain infrastructure has demonstrated significant scale, processing 2 billion transactions from over 300 million on-chain addresses with peak throughput exceeding 10,000 transactions per second. This robust technical foundation complements Portal's current payment rails, which already facilitate millions of dollars in daily stablecoin settlements.Keone Hon, co-founder and GM of the Monad Foundation, underscored the strategic importance of payments in driving broader crypto adoption. "Payments are a killer use case for blockchains and present an exciting unlock for widespread crypto adoption," Hon stated. "Portal's production-grade stablecoin rails will provide enterprises and developers with plug-and-play solutions to incorporate stablecoin payments into their platforms and apps."
Developers keen to explore the platform's capabilities can currently access the Monad Testnet ahead of its mainnet deployment.
July 2025, Cryptoniteuae