PANews reported on August 17, according to CoinDesk, that Circle and Stripe are building their proprietary blockchain. Startups Plasma and Stable have also recently raised funds for the development of a dedicated chain for USDT (USDT). Securitize is collaborating with Ethena to build Converge, while Ondo Finance announced earlier this year that it will soon launch an internal chain. Additionally, Dinari has stated that it will soon launch an Avalanche-powered layer-1 network for clearing and settling 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 coordination. Therefore, having a foundational layer allows companies to directly embed compliance, integrate foreign exchange engines, and ensure predictable costs. Nowadays, stablecoin issuers rely on Ethereum, Tron, or other stablecoins for settlement, and this reliance means they bear the risks of external fee markets, protocol governance decisions, and technical bottlenecks.
