Monad Foundation Strengthens Stablecoin Positions with Portal Labs Acquisition
Date: 2025-07-10 Author: Henry Casey Categories: BUSINESS
The Monad Foundation has announced the acquisition of Portal Labs, the company that developed the Portal platform for working with stablecoins. This step is aimed at developing its own payment services within the Monad L1 blockchain and increasing the availability of solutions for users and businesses.
Following the deal, Portal CEO and co-founder Raj Parekh will take a new position at the Monad Foundation - he will be responsible for the development of the transfers direction and the management of "stablecoins". Previously, Parekh headed the global cryptocurrency products direction at Visa, which highlights his experience in the payments industry.
At the same time, Portal will retain its independence and will continue to operate as a subsidiary of the Monad Foundation. The key positions will remain with the current management: Parsa Attari will continue as CEO, David Skrobonia will remain CTO, and Rami Shahati will retain the position of COO.
Integration with the Monad ecosystem will open up new opportunities for Portal to accelerate the creation of tools that facilitate transactions in stablecoins. Such solutions are in demand among developers and commercial platforms that need ready-made mechanisms for receiving and sending digital currencies tied to fiat money.
Kion Hong, one of the co-founders of the Monad Foundation, noted that transfers are one of the key areas for blockchains and an important step for the mass distribution of cryptocurrencies. According to him, thanks to Portal technologies, developers and companies will be able to more easily integrate support for stablecoins into their services and applications.
The Monad network is an EVM-compatible first-layer blockchain focused on high transaction processing speed and scalability. In turn, Portal provides developers with an API and SDK that allow them to work with various stablecoins on several blockchains simultaneously, making the ecosystem more flexible and open.
Recall that in February of this year, the Monad team launched a public testnet, which became an important stage in preparing for the large-scale implementation of the network. The new acquisition should accelerate the development of the payment infrastructure and bring Monad to a new level of competition in the field of blockchains with support for stablecoins.
