Stablecoins Drive Payment Blockchain Race

Crypto and fintech giants are sprinting to develop specialized blockchains for stablecoin payments, aiming to capture a larger share of the burgeoning transaction revenue. Stablecoins like USDT are witnessing massive use in real-world transfers, prompting companies to own the settlement networks that power them instead of relying on general blockchains like Ethereum.

Tether-backed Plasma went live on mainnet in September 2025, following a $24 million raise earlier that year. Circle followed with the public testnet for its Arc network in October, designed specifically for stablecoin finance. Meanwhile, fintech player Tempo launched its mainnet this week, focusing on high-speed merchant settlements and backed by firms like Paradigm and Stripe.

Controlling these payment rails is crucial as it allows companies to bypass fees from other networks and manage minting and burning stablecoins independently. Fireblocks and Bitget Wallet leaders highlight that as settlement costs decrease, the real profit comes from layers like compliance, wallets, and merchant tools.

Stripe has also entered the fray, acquiring stablecoin startup Bridge for $1.1 billion in October 2024, plus wallet provider Privy in June 2025 and billing platform Metronome in mid-January. This strategic move positions Stripe across issuance, wallets, and billing around stablecoin flows.

This trend indicates a significant shift towards payment-only blockchains, with stablecoins poised to challenge traditional networks like Visa. Firms building rails that work with AI agents could potentially dominate the value as volumes surge.

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