BlockBeats news, on August 17, Circle and Stripe are building their proprietary blockchain, joining an increasing number of projects aimed at launching stablecoin and tokenized asset chains. Startups Plasma and Stable have recently raised funds for the development of a dedicated chain for USDT (USDT). Securitize is collaborating with Ethena to build Converge, Ondo Finance announced earlier this year the upcoming launch of an internal chain, and just a few days ago, Dinari stated that it will 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 their own L1 is about control and strategic positioning. The economics of stablecoins are determined by settlement speed, interoperability, and regulatory coherence, 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 dependency means they face the risks of external fee markets, protocol governance decisions, and technical bottlenecks." (CoinDesk)
