PANews reported on July 10 that according to The Block, the Monad Foundation, the developer of the Layer1 blockchain Monad, announced that it will acquire Portal Labs, a stablecoin infrastructure developer. After the transaction is completed, Portal will operate as a subsidiary, and its co-founder and CEO Raj Parekh will join the Monad Foundation as head of payment and stablecoin business.

Portal Labs provides SDK and API tools that support more than 100 blockchains, helping developers quickly integrate stablecoin payment functions. This acquisition will combine Portal's multi-chain payment solution with Monad's high-performance blockchain, and the Monad mainnet is expected to be launched in the second half of 2025.