Major issuers of stablecoins and fintech companies are creating their own blockchains to gain competitive advantages and control over payment systems, according to Delphi Digital.
The next wave of blockchains is built to settle payments instead of tokens.
— Delphi Digital (@Delphi_Digital) March 20, 2026
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.
The two… pic.twitter.com/cSycn47QXz
Experts believe another reason for developing protocols focused on stablecoin operations is that the general-purpose networks from the previous wave were not designed for institutional payments.
Circle, the company behind USDC, launched a public testnet for its Layer 1 blockchain Arc in October 2025. The platform is marketed as an "economic operating system" for developers and companies with limited access.
Tether, the issuer of USDT, supports the EVM-compatible Layer 1 platform Plasma, optimized for stablecoin use in cross-border transfers and in emerging markets. The mainnet of the blockchain debuted in September.
Stripe and Paradigm are moving in a similar direction. They developed the Tempo platform as a payment layer focused on the business environment. In recent years, Stripe has also acquired Bridge, Privy, and Metronome, gaining the technologies necessary to implement stablecoin launches, e-wallets, and invoicing.
The launch of the Layer 1 network Tempo took place in March 2026. The project also introduced an open protocol for machine transactions.
Delphi Digital highlighted more specialized solutions:
- Codex — an aggregated rollup based on OP Stack with a native forex mechanism for banks and companies engaged in money transfers using multi-currency settlements;
- 1Money — a blockchain focused on retail payments and transfers with an integrated protocol for sanctions compliance and anti-money laundering mechanisms;
- Payy — a network for institutions ensuring transaction privacy, which is a default requirement for these entities.
When asked why stablecoin projects wouldn't use existing platforms, experts emphasized:
"The problem is that modern general-purpose blockchains were not designed with payments, especially institutional flows, as a primary goal. Instead, most of them are optimized for a completely different set of priorities, namely: permissionless operations and broad compatibility. They are not universally applicable for no reason."
Stablecoins Taking on New Roles
Stablecoins are helping companies outpace competitors through more efficient settlements, but these assets can also enhance cash flow efficiency and free up locked working capital. This claim was supported by 74% of participants in a survey conducted by Ripple among over 1,000 executives from banks, asset management firms, fintech companies, and corporations.
Ripple surveyed 1,000+ global finance leaders in 2026. A few things stood out: https://t.co/414dTO9Qit
— Ripple (@Ripple) March 19, 2026
→ 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…
"This consensus clearly shows that financial leaders view stablecoins not just as a new payment method. Increasingly, they see them as treasury management tools. This is a more conservative area exploring the undeniable advantages of using blockchain technology for transferring value," the authors of the study noted.
Fiat-pegged tokens are most widely used by fintech representatives: 31% use stablecoins to collect payments from customers, while 29% of respondents in this category accept assets directly.
Tokenization on the Rise
Overall, 72% of survey participants believe financial companies must offer digital asset solutions to remain competitive in today's environment.
The survey results highlighted the growing popularity of tokenized products — most respondents are actively seeking partners to implement such initiatives. 89% identified asset custody as a priority task for counterparties, while 82% prioritized token lifecycle management.
More than half of fintech companies and financial institutions preferred to collaborate with providers of comprehensive solutions. For banks, this figure reached 71%.
Almost unanimously (97%), respondents expect potential partners to have ISO and SOC II certification. Other important factors include operational support post-integration (88%), industry experience (80%), and financial stability (79%).
Recall that in March, experts noted that corporations accelerated the transition of stock markets to blockchain.