#Circle #Tether #Arc #Plasma #稳定币 A quiet revolution of stablecoins is unfolding in the crypto world. The three giants of stablecoins, Circle, Tether, and Stripe, are secretly building their own Layer 1 blockchains, attempting to fundamentally change the way stablecoins operate.
1) Why are they doing this?
In simple terms, these companies no longer want to rely on public chains like Ethereum, Solana, or Tron. They want a 'full-stack controlled' platform that allows them to manage every aspect from the underlying protocol to payment applications. The benefits of this approach are obvious: dramatically reducing transaction fees, increasing speed to sub-second levels, and customizing development based on enterprise-level payment needs. This is akin to Apple developing its own iOS system rather than using an Android system, aiming for stronger performance and a better user experience.
2) What is their current progress?
Circle is developing a blockchain called Arc, focusing on providing ultra-fast, highly compliant stablecoin settlement platforms for large enterprises. Its test network has achieved 3,000 transactions per second and 350 milliseconds of transaction finality, with plans to launch the mainnet in 2026.
Tether has two projects, Stable and Plasma, one aimed at establishing a new global payment network, while the other is committed to achieving zero-fee USDT transfers, directly competing with Tron, which relies on its transactions.
Stripe is secretly developing Tempo, a chain focused on efficient payments, with the ultimate goal of potentially replacing traditional global payment systems like SWIFT.
3) What impact will this have on the industry?
If these projects succeed, the issuance and circulation of stablecoins will undergo a significant change. A large volume of transactions may flow away from existing public chains and directly into these proprietary networks. For instance, if Plasma succeeds, it will pose a huge threat to Tron, as nearly 80% of USDT transaction volume on the Tron network is unrelated to its transaction fees. This undoubtedly presents a significant challenge for public chains like Tron that heavily rely on USDT. The future world of stablecoins may no longer be dominated by a single public chain, but rather be led by these giants in a high-speed, vertically integrated payment network. This could also significantly impact the stablecoin narratives of public chains like Ethereum and Solana. What do you think?