A new wave of blockchain networks designed specifically for institutional payment flows is emerging, as stablecoin issuers and fintech-linked companies move to control the infrastructure underpinning digital-dollar settlement. Unlike general-purpose layer-1 networks built for broad token issuance and smart-contract activity, these platforms are optimized for stablecoin transactions. The trend reflects what Delphi Digital describes as one of crypto’s clearest real-world use cases.
Plasma, a public layer-1 network backed by stablecoin giant Tether, launched on mainnet on Sept. 25, 2025, following a $24 million fundraise in February. The network is optimized for cross-border USDT transactions. Approximately one month after Plasma’s launch, stablecoin issuer Circle unveiled the public testnet for Arc, an open layer-1 blockchain it describes as purpose-built for stablecoin finance.
Fintech companies have also entered the payments infrastructure push, seeking a share of the growing stablecoin payments sector. Tempo announced on Wednesday that its mainnet is live, describing the network as a merchant-focused settlement layer built for high-throughput stablecoin transactions. The project says it is incubated by Paradigm and Stripe.
Stripe has made a series of acquisitions that position it across multiple layers of the stablecoin payments stack. In October 2024, the company acquired stablecoin infrastructure startup Bridge for $1.1 billion. It followed that with the acquisition of crypto wallet infrastructure provider Privy in June 2025 and billing platform Metronome on Jan. 14. Delphi Digital noted that these deals position Stripe to control issuance, wallet, and billing layers alongside settlement infrastructure.
Owning payment rails is becoming strategically important for companies operating in this space, according to Ran Goldi, senior vice president of payments and network at digital asset custody platform Fireblocks. He noted that controlling the underlying rails allows payment companies to avoid being effectively taxed on the mint and burn operations associated with stablecoins. The competitive dynamic is pushing both crypto-native firms and traditional fintechs to secure their positions in the settlement stack.
Stablecoin payment infrastructure is increasingly viewed as a new revenue layer, according to Alvin Kan, chief operating officer at Bitget Wallet. He told Cointelegraph that as settlement costs at the protocol level trend lower, value capture shifts to the orchestration layer surrounding the rail, encompassing compliance, foreign exchange conversion, wallet infrastructure, on- and off-ramps, local payout connectivity, and merchant integration. Entities that control the end-to-end payment workflow are positioned to capture fees on every transaction.
Control of settlement infrastructure is shaping up as the next major battleground among crypto and fintech firms, according to Irina Chuchkina, chief growth officer of Wallet in Telegram. She added that companies building settlement rails interoperable with agentic artificial intelligence stand to capture a disproportionate share of the value flowing through these networks. The broader structural shift signals that competition in the stablecoin sector is moving beyond token issuance toward the underlying financial plumbing that processes and settles transactions.
Originally reported by CoinTelegraph.
