Definition ∞ A payment standard is a set of established rules, protocols, and technical specifications that govern how financial transactions are processed and communicated. These standards ensure interoperability, security, and efficiency across different payment systems and institutions. They facilitate reliable and consistent exchange of value between parties, whether in traditional finance or digital asset ecosystems.
Context ∞ The development and adoption of payment standards are frequently discussed in crypto news concerning the integration of digital assets into mainstream commerce and financial infrastructure. Efforts to create universal standards for stablecoins, central bank digital currencies (CBDCs), and cross-border payments aim to improve transaction speed, reduce costs, and enhance regulatory oversight in the evolving digital economy.
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