Stablecoin Chains Race to Redefine Digital Money Infrastructure

Plasma, a layer-1 blockchain under development for stablecoin infrastructure, has recently strengthened its leadership team with three key hires: Murat Firat as head of product, Adam Jacobs as head of global payments, and Usmann Khan as head of protocol security. These appointments follow a high-profile token sale that raised $373 million, according to Blockworks. Although Plasma has not yet announced a mainnet launch date, the project is positioning itself as a dedicated blockchain for stablecoins, with public documentation outlining capabilities such as 1,000 transactions per second, zero-fee USDT transfers, and support for confidential transactions [1].

One of the distinguishing features of Plasma is its integration with Tether, which allows for zero-fee USDT transfers through an in-protocol paymaster. This innovation eliminates the need for users to hold native tokens to execute transactions. Tether CEO Paolo Ardoino is a stakeholder in Plasma, and Bitfinex, which he also leads as chief technology officer, has played a significant role in Plasma’s early-stage funding rounds [1]. Plasma CEO and founder Paul Faecks emphasized the project’s aim to establish itself as a primary distribution channel for Tether, the most liquid and widely used stablecoin.

The hiring strategy reflects a diverse background across the leadership team. Firat previously founded BiLira, a Turkish cryptocurrency exchange and stablecoin issuer. Jacobs, before joining Plasma, served as global head of payments at FTX and worked at fintech firm Nuvei. Khan, known for his contributions to crypto bug-bounty site ImmuneFi, brings deep security expertise [1]. These hires, along with others since Plasma’s October 2024 exit from stealth mode, signal the project’s commitment to building a robust and secure infrastructure for stablecoin operations.

As the project approaches its mainnet launch, the broader cryptocurrency industry is observing a shift in how stablecoin issuers are approaching blockchain infrastructure. Tether, Circle, and Ethena—all major stablecoin providers—are building their own public chains to gain more control over the underlying infrastructure and expand their ecosystem influence. Plasma is part of this trend, aiming to combine Bitcoin’s security with stablecoin efficiency [2]. According to industry observers, the move is driven by the desire to reduce dependency on third-party chains like Ethereum and Solana, which charge high transaction fees. By owning their own blockchains, stablecoin issuers can optimize performance, reduce costs, and enhance network governance.

Plasma’s design philosophy emphasizes making stablecoin transactions as fast and cost-effective as traditional digital payments. The platform enables users to pay fees in USDT or Bitcoin, avoiding the need to buy additional tokens. This user-friendly approach is intended to lower barriers for adoption and encourage broader participation from both individuals and developers [2]. The project aims to create a scalable infrastructure that supports global money movement in the digital era, with Faecks stating that the design changes made to the protocol are deliberate to ensure that stablecoins are treated as first-class citizens on the network [1].

The broader implications of stablecoin-optimized public chains are still emerging, but the strategy appears to align with the growing demand for more efficient and user-centric financial infrastructure. As stablecoins continue to dominate on-chain activity and facilitate the bulk of crypto trading volume, their infrastructure requirements are evolving. Projects like Plasma, Stable, Arc, and Converge are each taking different approaches—some prioritizing compliance, others focusing on institutional finance or DeFi innovation. The competition between these chains highlights the growing importance of stablecoins in shaping the future of digital finance [2].