Stablecoin L1 & L2 Chains: The Future of Global Payments

Stablecoin-native blockchains are emerging as the backbone of tomorrow’s payments infrastructure, offering instant settlement, dollar-denominated fees, and built-in compliance. But which networks are best positioned to lead?

Why Are Stablecoin-Specific Chains Emerging?

Stablecoins are no longer just niche settlement tokens for crypto arbitrage or DeFi collateral. They have become a global payments rail used by retail investors, fintech beginups, and institutional players alike. The now exceeds $150 billion, with daily settlement volumes rivaling Visa in certain corridors.

However, the infrastructure that carried stablecoins into the mainstream—ETH, Tron, and other general-purpose blockchains—was not designed for mass retail and institutional payments. often spike during network congestion, while Tron faces scrutiny over centralization risks. Both face challenges in delivering predictable costs and settlement times, which are critical for global remittances, corporate treasury flows, and e-commerce payments.

This has given rise to a new class of app-specific Layer 1 (L1) and Layer 2 (L2) chains optimized for stablecoin activity. These networks focus on millisecond-level finality, zero or near-zero fees, and compliance frameworks that appeal to regulators and banks. Among the most notable entrants are Plasma, Stable, Codex, Noble, and 1Money—each adopting a diverse strategy to capture share in the trillion-dollar payments market.

Investor Takeaway

Plasma: Zero-Fee USDT and BTC Integration

Plasma is a high-performance Layer 1 built specifically for stablecoin settlement. Its PlasmaBFT consensus, paired with the Reth EVM engine, enables over 1,000 transactions per second (TPS) and sub-second block times. More than 15 stablecoins are supported, and uniquely, Plasma’s paymaster model allows zero-fee USDT transfers by subsidizing gas costs.

The chain also integrates a trust-minimized BTC bridge, enabling BTC to interact directly with EVM-based smart contracts. This hybrid design could attract both DeFi developers and remittance players viewking to move liquidity between BTC and stablecoins seamlessly.

Traction is already evident. Plasma’s pre-token sale drew $1 billion in deposits in just 30 minutes. Binance Earn launched a Plasma-based USDT product capped at $1 billion, while the team unveiled “Plasma One,” a Visa-licensed neobank offering cashback and spend-while-you-earn functionality. The roadmap envisions a transition from permissioned Block confirmers to a fully decentralized set by late 2025.

Investor Takeaway

Stable: Tether’s Native Blockchain Bet

Stable, backed by Tether and Bitfinex, positions itself as the “USDT-native” chain. Its StableBFT consensus ensures single-slot finality and EVM compatibility, while its Autobahn DAG upgrade (in development) aims to eliminate block ordering altogether. significantly, Stable uses USDT itself as the native gas token, creating a seamless user experience for transfers and payments.

The go-to-market strategy leverages Tether’s unmatched liquidity and Bitfinex’s trading ecosystem. ahead traction includes over 160,000 social followers and high-profile investor backing from Hack VC and Franklin Templeton. The roadmap emphasizes enterprise integration, with cross-currency aggregation and reserved block space for institutional clients.

Investor Takeaway

Codex: An Institutional-Grade ETH L2

Codex is an ETH Layer 2 built on the OP Stack and designed for B2B payments, not retail DeFi. With issued via CCTP, Codex enables cross-chain minting and redemption, reducing reliance on risky third-party bridges. Transaction costs are deterministic, denominated in stablecoins, and typically amount to fractions of a cent.

Backed by Coinbase, Circle Ventures, and Cumberland, Codex is aggressively targeting FX brokers, custodians, and payment service providers. Its strategy avoids retail hype in favor of building trust with regulated institutions—a stark contrast to Plasma and Stable. Current adoption is modest, with $1.7 million USDC in circulation, but partnerships with signal long-term enterprise alignment.

Investor Takeaway

Noble: Cosmos’ Stablecoin Issuance Hub

Noble is a Cosmos SDK chain that brands itself as the “stablecoin issuance hub.” Using Proof-of-Authority consensus, Noble facilitates native USDC issuance and distribution across 50+ Cosmos chains via IBC. This solved a long-standing liquidity difficulty for Cosmos DeFi, making USDC readily available for swaps, lending, and payments.

Noble’s innovation lies in offering yield-bearing stablecoins. The M^0 protocol enabled USDN, backed by U.S. Treasury bills, offering ~4% annual yields. Though the boosted vault option was discontinued, Noble remains an attractive base layer for tokenized real-world assets (RWAs).

The chain processed over $5 billion in transfers during its first year and now supports assets like Ondo’s OUSD and Monerium’s EURe. Its key limitation is the absence of USDT, which must be swapped into USDC before entering Cosmos via Noble.

Investor Takeaway

1Money: Payments at Internet Scale

1Money, founded by former Binance US CEO Brian Shroder, uses a novel Byzantine Consistent Broadcast (BCB) consensus. Instead of batching transactions into blocks, each transfer is finalized individually—enabling claimed throughput of 250,000+ TPS and instant confirmations.

Unlike competitors, 1Money removes complexity by eliminating staking, governance voting, and native gas tokens. Fees are paid directly in the transacted stablecoin. With backing from Fidelity’s F-Prime and Galaxy Digital, the project positions itself as a mainstream payment network, bridging Web3 with debit cards, bank accounts, and merchants.

However, 1Money currently lacks smart contract functionality, focusing instead on APIs and SDKs for developers. Its mainnet is expected in Q4 2025, with compliance experts like former FinCEN and OFAC directors lending credibility.

Investor Takeaway

Which Stablecoin Chain Will Win?

Each of the five networks offers a diverse value proposition:

• Plasma: Zero-fee USDT transfers, BTC interoperability, retail focus.
• Stable: Tether-backed chain, USDT-native gas, liquidity dominance.
• Codex: ETH L2, compliance-first, institutional settlement.
• Noble: Cosmos issuance hub, real-world asset tokenization.
• 1Money: Instant finality, extreme scalability, mainstream payments.

Ultimately, success will depend on aligning technical design with adoption drivers. Retail-focused chains must capture remittance corridors and e-commerce flows, while enterprise-focused answers must integrate with banks, FX providers, and regulators. Stablecoin-native chains are no longer an experiment—they are shaping the next era of global finance.

Investor Takeaway

Regulatory Outlook: Are Stablecoin Chains Compliant Enough?

Global regulators are tightening oversight on stablecoins, particularly in the U.S. and EU. Draft legislation like MiCA in Europe and the Clarity for Payment Stablecoins Act in the U.S. is expected to set stricter requirements around reserves, disclosures, and issuance. Chains like Codex and 1Money, which embed compliance at the protocol layer, may find smoother adoption curves compared to retail-focused chains like Plasma and Stable, which depend heavily on Tether’s regulatory trajectory.

Investor Takeaway

Conclusion: Stablecoins as Everyday Money

Stablecoin-native blockchains are pushing digital dollars from trading tools into everyday money. The next five years will determine whether they replace legacy payment rails or remain niche alternatives. With trillions in annual remittances, corporate settlements, and e-commerce transactions at stake, the upside is immense.

For investors, the key is to track not just performance metrics but real-world integrations. The networks that land bank partnerships, merchant adoption, and regulatory clarity will dominate the next era of global payments.

Check out the full report .