PayPal and Venmo Adopt ENS, Sonic Labs Hits 720ms Finality, and UK Introduces Digital Property Bill

The blockchain technology landscape is experiencing a wave of mainstream integration and infrastructure breakthroughs this September. From PayPal and Venmo integrating Ethereum Name Service for simplified crypto transfers, to Sonic Labs achieving record-breaking 720-millisecond transaction finality, to the UK government formally introducing legislation recognizing digital assets as property — the signals are clear: blockchain is no longer a niche experiment. It is becoming embedded in the financial and legal frameworks that govern everyday life.

TL;DR

• PayPal and Venmo integrate ENS: Users can now send cryptocurrency using human-readable .eth names instead of complex wallet addresses, bringing blockchain usability to millions of mainstream consumers.
• Sonic Labs achieves 720ms finality: The rebranded Fantom project (now Sonic Labs) demonstrates testnet transaction finality in just 720 milliseconds, positioning itself as potentially the fastest distributed ledger in the world.
• UK introduces Digital Assets Property Bill: The British government formally introduces the Property (Digital Assets etc.) Bill in Parliament, creating a third category of property to legally protect cryptocurrencies, NFTs, and tokenized assets.
• Grayscale launches XRP Trust: Grayscale Investments opens its new XRP Trust to accredited investors, fueling speculation about a future spot XRP ETF.
• Japan’s megabanks debut Project Pax: MUFG, SMBC, and Mizuho launch Project Pax, integrating stablecoins with SWIFT infrastructure for faster cross-border settlements.

PayPal and Venmo Bring ENS to the Masses

In one of the most significant mainstream blockchain integrations of the year, PayPal and its subsidiary Venmo announced support for Ethereum Name Service (ENS) domains, enabling users in the United States to send and receive cryptocurrency using simple, human-readable names instead of long hexadecimal wallet addresses.

ENS Labs, the organization behind the decentralized naming protocol built on Ethereum, confirmed the integration on September 10, 2024. Users of PayPal Mobile, PayPal Web, and Venmo can now enter a recipient’s ENS domain — such as alice.eth — directly into the payment interface. The system resolves the name to the correct blockchain address automatically, dramatically reducing the risk of sending funds to the wrong destination.

The move addresses one of cryptocurrency’s longest-standing usability problems: the difficulty of managing and sharing wallet addresses. By bringing ENS support to platforms with hundreds of millions of combined users, PayPal and Venmo are bridging the gap between Web3 infrastructure and everyday financial applications. PayPal has been an active participant in the crypto space since launching its own stablecoin, PYUSD, in August 2023, and this latest step signals a deepening commitment to blockchain-based financial services.

Sonic Labs Sets New Speed Benchmark

Sonic Labs, the blockchain project formerly known as Fantom, is turning heads with its testnet performance. CTO Andre Cronje demonstrated that the Sonic blockchain achieves transaction finality in just 720 milliseconds — a figure that, if maintained on mainnet, would make it the fastest distributed ledger system in production.

The Fantom project officially rebranded as Sonic Labs on August 1, 2024, with the team outlining plans to migrate users, developers, stakers, and validators to the new chain. According to Sonic’s whitepaper, the layer-one network is designed to provide a secure bridge to Ethereum while delivering over 10,000 transactions per second and sub-second confirmation times.

The 720ms finality result represents a significant leap over existing blockchains. For context, Ethereum’s mainnet finality sits at roughly 12 minutes, while even high-performance chains like Solana typically achieve finality in the range of a few seconds. If Sonic Labs delivers on its testnet promise, it could reshape expectations for what layer-one networks can achieve in terms of speed and user experience. The mainnet launch date has not been formally announced, but the testnet results are generating considerable anticipation across the developer community.

UK Takes Legislative Action on Digital Assets

The United Kingdom is taking a decisive step toward providing legal clarity for digital assets. On September 11, 2024, the government introduced the Property (Digital Assets etc.) Bill to the House of Lords, marking the first formal legislative effort to define cryptocurrencies, NFTs, and tokenized real-world assets as a new category of property under British law.

Under current UK law, property falls into two categories: “things in possession” (physical items like gold, money, and cars) and “things in action” (intangible rights like loans and shares). The new bill creates a third category specifically for digital assets, granting them personal property rights and legal protections.

Justice Minister Heidi Alexander stated that the legislation will protect asset owners and crypto firms from fraud and scams while providing a clear legal framework for cases involving disputed or settled digital assets. The bill responds to a 2023 Law Commission report that found digital assets do not fit neatly into existing property classifications. Beyond cryptocurrencies, the legislation extends to NFTs and tokenized real-world assets, signaling the UK’s ambition to become a global hub for digital asset innovation.

Grayscale Opens XRP Trust to Accredited Investors

Grayscale Investments launched its Grayscale XRP Trust on September 12, 2024, giving accredited individual and institutional investors exposure to XRP — the native token of the XRP Ledger. The trust began operations on September 5, 2024, with a management fee of 2.50%. As of September 11, the trust’s net asset value per share stood at $10.73.

The launch follows the same model Grayscale used for its Bitcoin and Ethereum trusts, both of which eventually converted into spot ETFs. The XRP Trust’s creation adds momentum to the growing narrative around a potential spot XRP ETF, which would mark another milestone for institutional crypto adoption in the United States.

Japan’s Megabanks Launch Project Pax for Cross-Border Payments

Japan’s three largest banks — MUFG, SMBC, and Mizuho — are collaborating on Project Pax, a cross-border stablecoin transfer platform that integrates blockchain technology with the existing SWIFT messaging infrastructure. Developed by Progmat and Datachain, the platform uses stablecoins instead of traditional correspondent banking networks for international settlements.

Project Pax is designed to leverage SWIFT’s familiar API framework, allowing banks to instruct Progmat to settle transactions on blockchain networks without requiring corporate customers to manage crypto wallets. The initiative addresses anti-money laundering and counter-terrorism financing compliance requirements while tackling the operational challenges businesses face when dealing with blockchain-based transfers directly. The pilot aims for commercial availability by 2025 and represents a significant bridge between traditional finance and Web3 technology.

Why This Matters

The developments converging around September 13, 2024, illustrate a broader trend: blockchain technology is maturing from an experimental niche into practical infrastructure. PayPal’s ENS integration proves that Web3 usability improvements are reaching mainstream consumers through platforms they already trust. Sonic Labs’ speed benchmark challenges the assumption that decentralized networks must sacrifice performance for security. The UK’s legislative action provides the legal certainty that institutions need to commit serious capital to digital assets. And Japan’s megabanks demonstrate that traditional financial institutions are not just observing blockchain — they are actively building with it.

Together, these stories paint a picture of an industry that is solving real problems — usability, speed, legal clarity, and institutional access — rather than chasing hype. For investors, developers, and enterprises watching the space, the message is clear: the infrastructure phase of blockchain is accelerating, and the projects building bridges to the existing financial system are the ones gaining the most traction.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, including the potential loss of principal. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.