The past couple of months have witnessed a notable trend: stablecoin issuers are launching their own Layer 1 blockchains. Tether unveiled Stable, Circle introduced Arc, and both chains accept gas fees paid in their respective stablecoins. Stripe is collaborating with Paradigm to build Tempo, while Ripple – having started with a Layer 1 chain – recently launched its RLUSD stablecoin to complete its vertical integration.

These four entities will likely be joined by Ant International and Paxos in pursuing this stablecoin vertical integration strategy. But what does this consolidation mean for the payments landscape?

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