In a strategic move to dominate the digital dollar transfer landscape, stablecoin issuers and fintech firms are racing to build specialized blockchain networks optimized for institutional payment flows.
These efforts mark a significant shift from the broader token issuance and smart-contract activities of general-purpose layer-1 networks, according to a recent report by Delphi Digital. The report highlights the launch of several new blockchain networks designed to streamline and control the settlement infrastructure behind stablecoin transactions.
Stablecoin Issuers Lead the Charge
Stablecoin giant Tether-backed Plasma launched its mainnet on September 25, 2025, following a successful $24 million fundraising round in February. Plasma is a public L1 network specifically optimized for cross-border USDt (USDT) transactions, aiming to reduce costs and increase efficiency for institutional users.
Not to be outdone, stablecoin issuer Circle unveiled the public testnet for Arc, an open L1 blockchain purpose-built for stablecoin finance. Arc aims to provide a robust and scalable infrastructure for stablecoin operations, further solidifying Circle’s position in the market.
Fintech Firms Join the Fray
Fintech companies are also making significant moves to capture a share of the growing stablecoin payments sector. Tempo, a merchant-focused settlement layer, went live with its mainnet, boasting high-throughput capabilities for stablecoin transactions. Tempo is incubated by leading venture firms Paradigm and Stripe, underscoring the strategic importance of controlling the payment rails.
Stripe, a major player in the fintech industry, has been particularly active. In October 2024, the company acquired stablecoin infrastructure startup Birdge for $1.1 billion. This was followed by the acquisition of crypto wallet infrastructure provider Privy and billing platform Metronome, positioning Stripe to control more layers of the stablecoin payment ecosystem.
The Strategic Importance of Payment Rails
“Owning the payment rails is becoming strategically important,” said Ran Goldi, senior vice president of payments and network at digital asset custody platform Fireblocks. “Instead of relying on external networks and paying fees to ecosystems like Ethereum, companies are looking to capture more of that value themselves by building or controlling the settlement layer.”
For payment companies, controlling the underlying infrastructure means avoiding the “tax” associated with mint and burn operations of stablecoins, Goldi added. This strategic move allows companies to reduce costs and increase their profitability in the competitive stablecoin market.
Revenue Opportunities and Future Prospects
Stablecoin payment infrastructure is increasingly seen as a new revenue layer, with entities controlling the end-to-end payment workflow positioned to capture fees on every transaction. According to Alvin Kan, chief operating officer at Bitget Wallet, as settlement costs at the protocol level trend lower, value capture shifts to the orchestration layer around the rail, including compliance, FX conversion, wallet infrastructure, on- and off-ramps, local payout connectivity, and merchant integration.
Irina Chuchkina, chief growth officer of Wallet in Telegram, emphasized that stablecoin payment rails could become the defining revenue driver of this cycle. “Stablecoin payment rails could become the defining revenue driver of this cycle, for the same reason Visa and Mastercard became indispensable: not because they issued currency, but because they owned the pipes,” she said.
Companies building settlement rails interoperable with advanced technologies, such as agentic artificial intelligence, stand to capture a disproportionate share of the value flowing through these networks. This forward-looking approach positions these firms to lead the next wave of innovation in the financial technology sector.
Conclusion
The race to control the payment rails behind stablecoin transactions is intensifying, with stablecoin issuers and fintech firms making significant investments in specialized blockchain networks. As the market continues to evolve, the companies that successfully capture and control these critical infrastructure layers will be well-positioned to dominate the future of digital finance.
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