BlockBeats News, May 29, the Open Transaction Layer (OTL) was officially announced to be launched, aiming to establish a unified transaction coordination standard for on-chain finance. The project was jointly initiated by institutions such as Fireblocks, MetaMask, Robinhood, Securitize, zerohash, Cross River Bank, Checkout.com, etc. OTL will provide an open protocol for identity authentication, message passing, and transaction coordination, supporting compliant transactions between financial institutions, non-custodial wallets, and AI Agents.

Currently, the main obstacle to the widespread adoption of on-chain finance is not the lack of blockchain infrastructure, but the lack of a unified coordination layer. At this stage, institutions need to integrate separately for each counterparty, jurisdiction, and use case, leading to constantly increasing costs. OTL is built on existing standards such as W3C DID, IVMS101, ISO 20022, CAIP-19, covering the entire transaction process including counterparty discovery, transaction coordination, compliance checks, and settlement.

The founding member institutions also include FalconX, MoonPay, WalletConnect, Wintermute, eToro, SoFi, as well as the TON Foundation, Solana Foundation, Sui Foundation, Polygon, Monad Foundation, and other ecosystem institutions.