Analysis: Companies like Circle and Stripe are building proprietary blockchains to enhance the efficiency, compliance, and revenue of digital asset payments

According to Jinse Finance, Circle and Stripe are building their own proprietary blockchains, joining a growing number of projects aiming to launch chains for stablecoins and tokenized assets. Startups Plasma and Stable have both recently raised funds to develop dedicated chains for USDT (USDT). Securitize is collaborating with Ethena to build Converge, Ondo Finance announced earlier this year that it will soon launch an internal chain, and just a few days ago, Dinari stated it will soon roll out a layer-1 network powered by Avalanche for the clearing and settlement of tokenized stocks. Martin Burgherr, Chief Clients Officer at crypto bank Sygnum, said, “Building your own L1 is about control and strategic positioning. The economics of stablecoins are determined by settlement speed, interoperability, and regulatory alignment, so owning the base layer allows companies to embed compliance directly, integrate FX engines, and ensure predictable fees.” There are also defensive motivations. “Today, stablecoin issuers rely on Ethereum, Tron, or other stablecoins for settlement,” Burgherr noted. “This reliance means they are exposed to external fee markets, protocol governance decisions, and technical bottlenecks.”