Stablecoin issuers and fintech-linked firms are launching payment-focused blockchains to control more of the settlement infrastructure behind US digital-dollar transfers.
Tether-backed Plasma, a blockchain optimized for cross-border USDT transactions, launched on mainnet on Sept. 25, 2025, after raising $24 million. Circle also launched the public testnet for Arc, an open L1 blockchain for stablecoin finance.
These developments signal a shift from generic blockchain infrastructure to payment-focused networks, as companies compete to own the rails underpinning stablecoin settlement.
Fintech companies are also joining the race. Tempo, a merchant-focused settlement layer for high-throughput stablecoin transactions, went live. Stripe, which has acquired several stablecoin infrastructure startups, is positioning itself to control more of the payment workflow.
Controlling the settlement infrastructure behind stablecoins is seen as a new 'revenue layer,' with entities capturing fees on every transaction. Experts predict this will be the next major battleground among crypto and fintech firms.