Stablecoin Issuers Are Building Their Own Blockchains: Delphi Digital Declares a 'Network War'

A New Generation of Blockchains Built for Payments, Not Tokens

Major stablecoin issuers and fintech giants are racing to launch their own blockchain networks purpose-built for payment processing. Analysts at Delphi Digital characterize the current landscape as a full-blown "war" for control over stablecoin infrastructure.

«The next wave of blockchains is built to settle payments instead of tokens. General purpose chains weren't designed for institutional payment flows. A new wave of chains built for stablecoin payments is filling that gap, and none of them are going after the same market.» — Delphi Digital (@Delphi_Digital), original post

According to the analysts, general-purpose blockchains from the previous wave were never architecturally designed for institutional payment flows — a gap that's now driving the creation of specialized alternatives.

Why This Matters

The shift from deploying on existing blockchains to building proprietary networks marks a new maturity phase for the stablecoin sector. Where USDC and USDT were once issued on top of Ethereum, Tron, and other platforms, their issuers now pursue vertical integration — from token issuance to the settlement layer itself. This could fundamentally reshape power dynamics in digital payments.

Who's Building Stablecoin Blockchains

Circle, the company behind USDC, launched the public testnet for its L1 blockchain Arc back in October 2025. The platform is positioned as an "economic operating system" for developers and businesses with permissioned access.

Tether, the issuer of USDT, backs the EVM-compatible L1 network Plasma, optimized for cross-border transfers and emerging market usage. Plasma's mainnet went live in September.

Stripe and Paradigm jointly developed Tempo — a settlement layer targeting enterprise environments. Over recent years, Stripe also acquired Bridge, Privy, and Metronome, assembling the technology stack needed for stablecoin issuance, wallet infrastructure, and billing. Tempo's mainnet launched in March 2026, accompanied by an open protocol for machine-to-machine transactions.

Niche Solutions for Specific Use Cases

Beyond the major issuers, Delphi Digital highlighted several specialized projects:

• Codex — an aggregated rollup built on OP Stack with a native forex mechanism for banks and remittance companies handling multi-currency settlements;
• 1Money — a blockchain focused on retail payments with built-in sanctions compliance and anti-money laundering protocols;
• Payy — an institutional network providing transaction privacy that institutions require by default.

Delphi Digital explained why existing platforms fall short: modern general-purpose blockchains are optimized for permissionless execution and broad composability rather than institutional payment flows. Their universality is by design — but it doesn't serve stablecoin settlement needs.

Stablecoins as Treasury Management Tools

The perception of stablecoins within the financial industry is shifting simultaneously. A Ripple survey of over 1,000 executives across banks, asset managers, fintech firms, and corporations found that 74% of respondents believe stablecoins can improve cash flow efficiency and unlock trapped working capital.

«Ripple surveyed 1,000+ global finance leaders in 2026. A few things stood out: → 72% say digital assets are now table stakes to stay competitive → 74% see stablecoins as a cash-flow tool, not just a payment rail → 89% of those surveyed say digital…» — Ripple (@Ripple), original post

The study's authors noted that financial leaders increasingly view stablecoins not merely as a new payment method but as full-fledged treasury management instruments. Fintech companies lead adoption: 31% use stablecoins for collecting customer payments, and 29% accept them directly.

Tokenization Gains Momentum

72% of Ripple's survey respondents believe financial companies must offer digital asset solutions to remain competitive. The majority are actively seeking partners for tokenized product initiatives.

Top priorities for potential counterparties include asset custody (89%) and token lifecycle management (82%). More than half of fintech firms and financial institutions prefer comprehensive solution providers — among banks, this figure reaches 71%.

Nearly all respondents (97%) expect partners to hold ISO and SOC II certifications. Other key criteria include post-integration operational support (88%), industry experience (80%), and financial stability (79%).