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Circle and Stripe Develop Proprietary Blockchain Amid Rising Stablecoin Projects

17/08 22:49

According to BlockBeats, Circle and Stripe are developing their own proprietary blockchain, joining a growing number of projects aimed at launching stablecoin and tokenized asset chains. Startups Plasma and Stable have recently raised funds to develop a dedicated chain for USDT. Securitize is collaborating with Ethena to build Converge, while Ondo Finance announced plans for an internal chain earlier this year. Just days ago, Dinari revealed plans to launch a layer-1 network powered by Avalanche for clearing and settling tokenized stocks. Martin Burgherr, Chief Client Officer at crypto bank Sygnum, explained that creating their own layer-1 blockchain is about control and strategic positioning. The stablecoin economy is driven by settlement speed, interoperability, and regulatory alignment, making it advantageous for companies to embed compliance, integrate foreign exchange engines, and ensure predictable fees directly at the foundational level. There are also defensive motivations. "Today, stablecoin issuers rely on Ethereum, Tron, or other stablecoins for settlement," Burgherr noted. "This reliance exposes them to external fee markets, protocol governance decisions, and technical bottlenecks."

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