The stablecoin market is entering a new phase of maturity. Digital dollar issuers no longer want to be mere token providers "searching for the cheapest blockchain." Now, they aim for full control over infrastructure, launching their own settlement networks.
The market scale is impressive. The total stablecoin supply has already reached $309 billion, with 99% denominated in US dollars. The average daily transfer volume is a colossal $209 billion. The network processes 63.8 million transactions per day with 4.4 million active addresses. However, the direct purpose of stablecoins—everyday payments—still accounts for only a small fraction. About 49% of all stablecoins are used for trading, 26% simply sit on exchanges, and only 17% are utilized in DeFi.
Why Do Issuers Want Their Own Networks?
The key takeaway is clear: the assets themselves have already reached scale, but the payment layer around them has not. This is precisely why issuers and payment companies are asking: why forever rent someone else's network? They want trillions of dollars to move "on-chain," with users not having to think about gas, bridges, or validators. Every major blockchain was originally designed for its own purpose: Ethereum for universal computations, Solana for high throughput, Base for a broad consumer economy. But now, issuers want to build networks optimized exclusively for their stablecoins.
Three Fronts: Arc, Tempo, and Plasma
The first contender for this infrastructure is the Arc project. Through it, Circle is trying to turn USDC from a simple asset into an operating system. The stablecoin is used to pay for gas, and the network itself is EVM-compatible and connected to Circle's ready-made infrastructure. This is an attempt to create a closed ecosystem where USDC is not just a store of value but the fuel for all transactions.
The second participant is the Tempo project. Stripe and Paradigm are eyeing the same opportunity from the payments side. Fees will be paid directly in stablecoins, and Tempo itself already enables working with them within Stripe Treasury in over 100 countries. This is a direct path to integrating crypto settlements into traditional fintech.
The third player is the Tether and Plasma partnership. Tether has the deepest dollar liquidity in cryptocurrency, and Plasma is building a network around USDT and USDT0 for payments, savings, and lending on a unified liquidity base. This is perhaps the strongest position currently: the product and liquidity are already in place.
The Battle Isn't Just Among Them
However, the struggle is not only among this trio. Giants of traditional finance—Visa, Mastercard, PayPal, Coinbase, and BlackRock—also want their share of the market. They see stablecoins as the main product of the crypto industry. A market worth $2–4 trillion by 2030 is too tempting a prize to ignore.
My analysis: Currently, Plasma has the strongest defense, as liquidity and products are already integrated. Arc, with its institutional connections, still needs to prove real demand, not just generate headlines. Three participants are already enough; a new wave of "zombie chains" would only fragment liquidity. Watching this battle will be truly intriguing, but the stakes are too high to make hasty conclusions.