According to statements from participants and industry summaries, the consortium brings together seven major firms and foundations that support different blockchains and infrastructure.
The group says it wants a shared framework that covers both the technical steps of a transfer and the compliance data that banks and regulators expect.
15T+ settled on-chain in 2024. Stablecoins now move more than Visa and Mastercard combined.
But blockchain payments remain fragmented. Each network runs on different technical and compliance standards.
Industry sources say the consortium’s backers want to reduce friction that arises when one chain speaks one way and another chain speaks a different way.
Reports note that firms and banks often need consistent data attached to payments — things like origin, purpose and compliance flags — before they will accept a payment.
The consortium aims to define how that data should travel along with a token when it crosses networks, and how settlement and reconciliation should be handled so companies can rely on the result.
The group plans to act as a bridge between blockchain projects and regulators. It expects to propose templates that exchanges, custodians and payment processors can use so that audits and reporting become easier.
Some members have warned that getting regulators across several jurisdictions to accept the same approach will be difficult. Reports also point out that different chains use different technical designs, which makes a one-size-fits-all solution hard to implement.
The consortium has described its work in general terms so far, focusing on a framework rather than a finished protocol. Based on reports, concrete outputs could include data formats, API patterns and recommended checks that service providers should run during cross-chain transfers.
Featured image from Yuichiro Chino/Getty Images, chart from TradingView
