BitMart Analysis, the analysis arm of BitMart Alternate, has revealed a brand new report on the rising development of issuer-owned stablecoin blockchains, analyzing how main stablecoin suppliers like Tether, Circle, and Ethena are shifting from worth attachment to direct worth seize. As stablecoin transaction volumes soar—reaching over $287 billion in circulation and producing thousands and thousands in on-chain charges—issuers are more and more launching their very own devoted blockchains to reclaim misplaced financial upside, cut back reliance on third-party infrastructure, and improve compliance. Tasks like Tether’s Plasma and Secure, Circle’s Arc, and Ethena’s Converge are introducing stablecoin-native chains with options like zero-gas transfers, native compliance tooling, and cross-border settlement infrastructure. This report explores how these chains are poised to disrupt present platforms like Tron and Ethereum, and why this dual-engine mannequin—the place stablecoins and blockchains converge—might outline the subsequent section of world digital finance.
1. Present State of the Stablecoin Market
With regulatory frameworks for stablecoins progressively taking form, stablecoins have up to now 12 months change into core infrastructure for each the crypto monetary system and cross-border funds. Whether or not serving retail buyers’ buying and selling wants or enabling establishments in clearing, settlement, and compliance pilots, stablecoins more and more perform as “digital {dollars}.”As of September 2025, the entire circulation of stablecoins reached $287 billion, with a extremely concentrated market construction. Tether’s USDT holds roughly 59.6% of the market share (over $170.9 billion market cap), adopted by Circle’s USDC at 25% ($74.2 billion). Collectively, the 2 account for almost 85% of the market. On the identical time, new entrants corresponding to USDe, USDS, USD1, and USDf are rising quickly into the mainstream.
The enlargement of stablecoins has straight benefited underlying blockchains. Previously month alone, there have been almost 626 million stablecoin transfers on-chain, dominated by Ethereum, Tron, Solana, and BNB Chain. On Tron, for instance, stablecoin transfers totaled about 69.8 million, with common charges of $0.14–$0.25 per transaction, producing $9.7–17.4 million in month-to-month payment income—all captured by the chain, not the issuer. Over time, this uneven worth distribution has change into more and more problematic: each stablecoin switch generates income for blockchains, whereas issuers seize virtually none of it. Tron alone earns over $100 million yearly from charges linked to USDT, however Tether itself sees no direct profit.
This imbalance is pushing issuers to launch their very own blockchains. Circle launched Arc in 2025 with a deal with compliance and funds. Tether launched Plasma and Secure, whereas Ethena launched Converge, a hybrid DeFi-compliance chain. Collectively, these strikes mark the start of a brand new section the place stablecoins and proprietary blockchains collectively drive the business, reshaping each worth seize and ecosystem design.
2. Why Stablecoin Issuers Are Constructing Their Personal Blockchains
The motivation behind issuers launching blockchains is to shift from worth dependence to worth seize. By controlling infrastructure, they will optimize stablecoin utilization, cut back exterior prices, and open new enterprise fashions. Key drivers embody:
Lowering Dependence, Enhancing Seize
Exterior blockchains achieve from excessive stablecoin exercise, whereas issuers see little incremental income. Proprietary chains enable issuers to retain charges and ecosystem worth.Improved Consumer Expertise
Present methods require ETH, TRX, or different tokens for gasoline. Devoted chains allow stablecoin-as-gas, eradicating the necessity for customers to carry extra tokens.Strengthened Compliance and Institutional Entry
Proprietary chains can embed compliance instruments (AML/KYC, blacklists, audits), decreasing limitations for banks and enterprises and bettering regulatory alignment.Diversified Enterprise Fashions
Past reserve curiosity, issuers can earn from transaction charges, ecosystem purposes, and developer networks. For instance, Arc focuses on cross-currency settlement; Secure and Plasma goal funds; Converge bridges DeFi with compliance.
3. Main Issuer-Owned Stablecoin Blockchains
Tether’s Twin Technique: Plasma and Secure
Plasma is a Bitcoin sidechain purpose-built for funds, backed by $24M in funding from Bitfinex and Framework, with its governance token XPL valued at round $6.5B in pre-market buying and selling. Its core energy lies in zero-fee USDT transfers, strengthened by EVM compatibility and Bitcoin’s UTXO safety mannequin. Plasma additionally introduces built-in privateness options and permits BTC bridging, unlocking low-slippage swaps and collateralized lending alternatives, making it a novel hybrid of Bitcoin safety and Ethereum flexibility.
Secure, against this, is an unbiased Layer 1 cost chain centered on USDT as native gasoline, providing zero-gas P2P transfers to scale back consumer friction. It runs on StableBFT consensus with 0.7-second block instances and on the spot finality, with future upgrades deliberate for DAG-based scalability. Absolutely EVM-compatible and developer-friendly with SDKs and APIs, Secure additionally focuses on consumer expertise by supporting card binding, social logins, and readable addresses. Its go-to-market technique is to leverage free transfers as an adoption driver, progressively increasing into cross-border funds, company treasury, DeFi micropayments, and service provider cost networks.
Arc (Circle)
Arc, developed by Circle, is a compliance-focused Layer 1 blockchain that makes use of USDC as its native gasoline and affords full EVM compatibility. It introduces a Paymaster channel enabling gasoline charges to be paid with different stablecoins or tokenized fiat, making transactions extra versatile for enterprises. Leveraging Circle’s institutional credibility and deep ties to conventional finance, Arc offers a sturdy suite of instruments for tokenizing real-world belongings corresponding to actual property and equities, whereas additionally supporting enterprise-grade digital cost methods. By embedding regulatory compliance into its infrastructure, Arc lowers the entry barrier for conventional establishments, providing a safe and compliant pathway into blockchain-based finance.
Converge (Ethena + Securitize)
Converge, a collaborative mission between Ethena and Securitize, is designed as a hybrid DeFi-compliance blockchain optimized for RWA settlement. It achieves sub-100ms block instances by integrating Arbitrum and Celestia, making certain each pace and scalability. On the compliance facet, Converge adopts USDe and USDtb (backed by the BUIDL fund) as gasoline belongings, embedding stability and institutional belief straight into the community’s operations. Safety is strengthened via a permissioned validator community (CVN) that requires ENA staking and enforces necessary KYC/KYB, aligning its framework with the stringent necessities of institutional contributors.
4. Future Outlook
In the long term, issuer-owned blockchains will problem incumbents like Ethereum and Tron. Their stablecoin-native design—zero-fee transfers, stablecoin gasoline, compliance options, and institutional settlement instruments—affords distinct benefits. The speedy uptake of Plasma’s staking actions underscores market urge for food for such fashions.
That stated, Ethereum, Solana, and others will stay central for innovation, advanced DeFi, and open ecosystems. The seemingly near-term end result is complementary specialization: issuer chains dominate funds and settlements, whereas general-purpose chains host broader innovation. The biggest disruption threat lies with Tron, whose dominance depends closely on USDT; if Tether migrates exercise to Secure, Tron’s core benefit may erode.
Total, the emergence of issuer-owned stablecoin chains marks a brand new dual-engine section for crypto markets—combining stablecoin utility with blockchain infrastructure. This shift may reshape international cost and settlement methods, whereas concurrently forcing conventional finance to rethink its position within the evolving digital financial system.
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