Analysis: Companies like Circle and Stripe are creating proprietary blockchains to improve the efficiency, compliance, and revenue of digital asset payments

【Analysis: Companies like Circle and Stripe are creating proprietary blockchains to improve the efficiency, compliance, and revenue of digital asset payments】 According to Golden Finance, Circle and Stripe are building their proprietary blockchains, joining an increasing number of projects aimed at launching stablecoins and tokenized asset chains. Startups Plasma and Stable have recently raised funds to develop dedicated chains for USDT (USDT). Securitize is collaborating with Ethena to build Converge, Ondo Finance announced earlier this year that it will soon launch an internal chain, and just a few days ago, Dinari announced it would soon launch an Avalanche-powered layer-1 network for the clearing and settlement of tokenized stocks. Sygnum's Chief Client Officer Martin Burgherr stated, 'Building our own L1 is about control and strategic positioning. The economics of stablecoins are determined by settlement speed, interoperability, and regulatory coordination, so having a foundational layer allows companies to directly embed compliance, integrate foreign exchange engines, and ensure predictable fees. Additionally, there are defensive motivations. 'Today, stablecoin issuers rely on Ethereum, Tron, or other stablecoins for settlement,' Burgherr said. 'This reliance means they are exposed to risks from external fee markets, governance decisions, and technical bottlenecks.'