Monad Foundation Acquires Stablecoin Infrastructure Provider Portal

On July 9, BlockWorks reported that the Monad Foundation announced the acquisition of stablecoin infrastructure provider Portal for an undisclosed amount. Portal will continue to operate as an independent entity but will be able to leverage Monad's technology to serve customers. Portal founder Raj Parekh will become the Head of Payments and Stablecoins at the Monad Foundation. Monad Foundation co-founder Keone Hon stated that the company has been "thinking long-term about how to grow the on-chain economy" and aims to become the "blockchain of choice for stablecoin transactions." Monad is currently still in the testnet phase, but Hon revealed that the mainnet will be launched "soon." [Deep Tide TechFlow]