The current focus of the cryptocurrency field is no longer on the L2 wars, but on stablecoin chains. Companies like Tether, Circle, and Stripe are launching their dedicated blockchains aimed at serving global stablecoin payments. This article is based on a piece by the DeFi analysis platform Pink Brains, organized, translated, and written by PaNews. (Background: Payment giant Stripe secretly develops a new chain 'Tempo', integrating Bridge and Privy for seamless stablecoin payments) (Supplementary background: Coinbase integrates Samsung Pay: Samsung Pay allows one-click cryptocurrency purchase, initially open to users in the US and Canada) The current competitive landscape in the cryptocurrency field is changing. The focus is no longer on the wars between L2s; a new battlefield has emerged: stablecoin chains. Many companies, including Tether, Circle, and Stripe, are launching their dedicated blockchains aimed at serving global stablecoin payments. Why do we need new dedicated chains? Some may ask, since public chains like Ethereum, Solana, and Tron already exist and are operating well, why is there a need to build new blockchains? The answer lies in the fact that these existing public chains were not designed for the following specific needs: Massive transactions with low latency: supporting millions of transactions daily and achieving millisecond-level latency. Predictable low-cost fees: transaction fees are priced in stablecoins themselves, and costs are predictable. Embedded fiat on- and off-ramps: native integration of fiat and cryptocurrency exchange functions. Compliance-friendly privacy: providing privacy protection features that meet regulatory requirements. Custom control over infrastructure and economic models: allowing project parties to customize the underlying architecture and economic incentives. We are witnessing a transition from generic blockchains to vertically specialized chains. These new 'vertical chains' optimize end-to-end processes for payments, settlements, and scaling applications. Below are detailed introductions to seven major native stablecoin chains, including their builders, how they work, and their development directions. Plasma Plasma is a sidechain secured by Bitcoin that is compatible with EVM, focused on optimizing USDT transfers. Core technology: It uses the PlasmaBFT consensus mechanism, which is a pipelined and parallelized variant of the Fast HotStuff protocol, designed to achieve faster transaction finality and high throughput. Fee model: Offers zero-fee USD₮ transfers, supports custom Gas tokens, and provides optional privacy payment features. Additionally, Plasma is fully compatible with EVM. Integrated facilities: Built-in complete stablecoin infrastructure, including card issuance, fiat and cryptocurrency conversion channels, risk management tools, and privacy payment functions. Native bridge: It has a native and trust-minimized BTC bridge, supporting direct interaction between BTC and EVM-chain assets. Existing collaborations: Yellow Card (conducting USDT remittances in Africa via Plasma), BiLira Kripto (providing compliant Turkish Lira to USDT exchange channels in Turkey), Uranium Digital (achieving 24/7 on-chain uranium settlements), Axis (launching interest-bearing stablecoin xyUSD supported by hedge fund strategies), Curve Finance (planning to support deep, efficient stablecoin exchanges). Other well-known multi-chain DeFi protocols like Aave, Pendle, and Ethena also plan to settle in. In terms of financing, Plasma has received support from Founders Fund, Framework Ventures, and Bitfinex, raising $24 million in its latest round of financing. Its public token sale attracted $373 million in subscriptions and sold out within 30 minutes. Its testnet is now live, and the mainnet is about to launch. Stable Stable is a new, EVM-compatible Layer 1 blockchain co-developed by Bitfinex and Tether. Stable aims to eliminate almost all friction when transferring USDT at scale. Core technology: It runs on the StableBFT consensus, a CometBFT PoS mechanism designed for high loads of stablecoins, featuring low latency and high throughput. It aims to achieve speeds of up to 10,000 transactions per second (TPS) through optimistic parallel execution. Fee model: Its native Gas token is gasUSDT, but thanks to account abstraction technology, users can directly pay transaction fees with USDT0. Peer-to-peer USDT0 transfers are gas-free, and holders can achieve gas-free transactions through LayerZero relays. Ecosystem integration: Its roadmap includes built-in fiat on- and off-ramps, integration of debit financial cards, and enterprise-level 'fast lanes', aiming to combine the speed of on-chain funds with a Web2-like smooth user experience. In terms of financing, the project raised $28 million in a seed round led by Bitfinex and Hack VC, with participants including Franklin Templeton, Castle Island, and USDT0. Currently, Stable is in the private testnet phase and is expected to launch a public testnet later this year. Converge Converge is an Ethereum Layer 2 network built on Arbitrum technology, co-developed by Ethena Labs and Securitize. Core technology: The execution layer uses Arbitrum, and data availability is provided by Celestia. It adopts a custom G2 sorter driven by Conduit, targeting a block time of 100 milliseconds and plans to achieve GigaGas+ throughput. Fee model: Gas fees are paid in $USDe and $USDtb. Security and verification: Nodes verify transactions by staking $ENA in the Converge validator network. Custodial security is provided by institutions such as Anchorage, Fireblocks, Zodia, and Copper, increasing operational comfort for institutional users. Existing collaborations: Hamilton Lane (bringing tokenized private credit and equity funds), Morpho Labs, Pendle, Maple Finance, Horizon, and other permissioned applications aimed at institutions, as well as native applications centered on sUSDe and real yields (such as Strata, Terminal, Ethereal, Aave, etc.). Codex Codex is a secure, high-throughput Ethereum L2 designed for enterprises that need to use stablecoins in real financial processes (payroll, finance, trade) and value compliance, predictability, and privacy, specifically for stablecoin native payments, foreign exchange, and settlements...