Global cryptocurrency venture capital firm Foresight Ventures published a new study titled “Stablecoin L1/L2: Defining the Next Era of Global Payments,” examining the rise of application-specific blockchains designed for stablecoin transactions. The research highlights five emerging projects — Plasma, Stable, Codex, Noble and 1Money — that are competing to establish themselves as leading platforms for digital dollar transfers in an economy that is increasingly shaped by programmable money.
Stablecoins represent one of the few areas within cryptocurrency that has achieved substantial integration with traditional finance, processing trillions of dollars in annual transaction volume. Despite this progress, their growth has been limited by the constraints of existing blockchain infrastructure. The new generation of specialized blockchains outlined in the report seeks to address these challenges by offering environments tailored to stablecoin activity, incorporating compliance mechanisms and closer connections with established financial systems.
“The market is recognizing that general-purpose blockchains may not be optimal for specific use cases,” said Alice Li, Investment Partner at Foresight Ventures, in a written statement. “We’re seeing specialized infrastructure emerge specifically for stablecoin transfers. What makes this space particularly interesting is how different projects are approaching the same problem from different angles: some are prioritizing raw performance, others regulatory integration, and others user experience. It’s not yet clear which approach will prove most successful,” she added.
The report examines the foundational layers of the developing stablecoin infrastructure stack, assessing how different projects are positioning themselves across key segments of the value chain, ranging from asset issuance and cross-chain settlement to regulatory-grade compliance and consumer-facing payment systems. The analysis points to several defining trends in the sector.
Market segmentation is becoming more apparent, with some chains focusing on existing liquidity by aligning with major issuers such as Tether, others pursuing institutional credibility by partnering with entities like Circle, and a separate group experimenting with novel consensus models to achieve greater scalability.
Transaction fees are emerging as a central area of competition, with innovative approaches including protocol-funded transfers that remove fees entirely and designs where stablecoins function as the gas currency, reducing reliance on volatile native tokens. Strategic partnerships are also emerging as decisive factors, as collaboration with exchanges, custody providers, payment processors, and traditional financial institutions is increasingly viewed as a critical differentiator and early signal of adoption potential.
Initial performance indicators suggest strong momentum, with some testnets attracting deposits above one billion dollars and established platforms already recording stablecoin circulation above half a billion dollars.
For enterprises, adoption hinges on regulatory safeguards, with several projects integrating compliance tools directly into their protocols and engaging former regulators to strengthen governance, presenting themselves as the most reliable infrastructure for institutional capital.
Rather than pursuing broad, multi-purpose platforms, the emerging Layer 1 and Layer 2 networks are being purpose-built to optimize stablecoin transfers, focusing on higher transaction speeds, reduced costs, and enhanced institutional confidence.
The specialized systems highlighted in the Foresight Ventures analysis signal a structural transition in digital finance, aiming to bring blockchain’s efficiency into alignment with the reliability requirements of global payments.
For investors, the research outlines how individual projects are positioning themselves in the market, including details on funding and early adoption trends, offering insight into where traction is forming and which initiatives are attracting attention.
For enterprises and developers, the findings provide guidance for evaluating technical infrastructure choices, while also clarifying how partnership ecosystems are evolving. This perspective helps identify which platforms combine interoperability, compliance considerations, and developer resources to support scalable applications centered on stablecoin payments.
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