Monad Foundation acquires stablecoin infrastructure project Portal

PANews reported on July 9 that according to Blockworks, Monad Foundation has acquired Portal, a stablecoin infrastructure provider. Portal will continue to operate as an independent entity and provide services to customers with the help of Monad's technology. Portal founder Raj Parekh will join Monad Foundation as head of payments and stablecoins. The Monad team said that the acquisition aims to promote on-chain economic growth and plans to achieve coordinated development in areas such as cross-chain bridges and stablecoin wallets through collaboration between the two parties. The Monad mainnet is about to go online, aiming to become the preferred blockchain for stablecoin transactions.