Sui developer Mysten Labs forms blockchain payment consortium

Mysten Labs, the developer of the Sui (SUI) blockchain, has announced the formation of the Blockchain Payment Consortium (BPC) in response to growth in the stablecoin sector. The consortium, which includes other major Layer 1 projects and blockchain firms like Solana (SOL), Polygon (POL), Stellar (XLM), Telegram's The Open Network (TON), and Fireblocks, aims to establish a common framework and industry standards for on-chain payments. The BPC plans to clearly define on-chain transactions and develop standards that protect user privacy while also providing information required by authorities.