PANews reported on August 17 that according to CoinDesk, Circle and Stripe are building their own proprietary blockchains. Startups Plasma and Stable have also recently raised funds to develop dedicated chains for USDT (USDT). Securitize is working with Ethena to build Converge. Ondo Finance announced earlier this year that it will launch an internal chain. In addition, Dinari said it will soon launch a layer-1 network powered by Avalanche for clearing and settling tokenized stocks.

Martin Burgherr, Chief Client Officer at crypto bank Sygnum, stated that establishing its own Layer 1 is a matter of control and strategic positioning. The economics of stablecoins are determined by settlement speed, interoperability, and regulatory alignment. Therefore, owning a base layer allows companies to directly embed compliance, integrate foreign exchange engines, and ensure predictable fees. Currently, stablecoin issuers rely on Ethereum, Tron, or other stablecoins for settlement. This reliance exposes them to the risks of external fee markets, protocol governance decisions, and technical bottlenecks.