The rules of the stablecoin game have changed.
From earning spreads to collecting tolls, why are Tether, Circle, and Stripe all competing to build their own public chains?
The core logic is very clear: if it only relies on Ethereum or Tron, stablecoin issuers will never be able to control the clearing rights. Data from the second half of 2025 speaks volumes—Stable's two rounds of pre-stored value have exceeded 2.6 billion USD, and Plasma's DeFi TVL has reached 2.7 billion USD, ranking 8th across all chains, even surpassing second-tier stars like Sui and Aptos.
This is not about the spe
View OriginalFrom earning spreads to collecting tolls, why are Tether, Circle, and Stripe all competing to build their own public chains?
The core logic is very clear: if it only relies on Ethereum or Tron, stablecoin issuers will never be able to control the clearing rights. Data from the second half of 2025 speaks volumes—Stable's two rounds of pre-stored value have exceeded 2.6 billion USD, and Plasma's DeFi TVL has reached 2.7 billion USD, ranking 8th across all chains, even surpassing second-tier stars like Sui and Aptos.
This is not about the spe