Stripe may launch an L1 Blockchain network, potentially reshaping the payment industry

Recently, the crypto community has rumored that a well-known payment service provider intends to launch its own L1 Blockchain network. After acquiring two blockchain-related companies, launching a dedicated chain may be its next step in the blockchain field. As a global leader in PSP, the company plays a technical bridge role between merchants, acquiring institutions, card networks, and issuing banks, ensuring transactions are efficient and secure.

If the L1 mainnet is really launched, in a basic scenario it may support stablecoin payments, with deep integration of customer payments and merchant settlements; while in an ideal scenario, it could completely reshape the payment system, including:

1. Bypass direct payments with card organizations and banks;

2. Micro-payment subscription model that is difficult to achieve with traditional systems;

3. Generate income by holding a short-term deposit balance.

Currently, the company mainly operates as a payment gateway and acquirer. If it launches its own L1 network, it is expected to replace some roles of traditional issuing banks and card organizations, which may become a historic turning point in the payment industry.

Will the company launch an L1 mainnet?

Rumors about the company launching an L1 Blockchain have been raised by several observers in the crypto field. Although there has not yet been an official confirmation, multiple sources have mentioned this matter. Similar to a certain stock trading platform launching a stock tokenization feature based on a certain L2 network, this payment company may be the next large fintech enterprise to enter the market.

The company's mission is to "enhance the internet GDP", focusing on building global economic infrastructure to help startups to large enterprises manage online payments, operations, and growth. From this vision, Blockchain is undoubtedly a highly attractive technology.

In February 2025, the company acquired a stablecoin infrastructure company for approximately $1.1 billion, further strengthening its strategic position in the stablecoin financial infrastructure sector. Subsequently, at the company conference in May, it officially launched the "Stablecoin Financial Account" service.

This service has been launched in 101 countries, and enterprises can:

• Hold two well-known USD stablecoins;
• Deposit and withdraw stablecoins via ACH/wire transfer for USD and via SEPA for EUR;
• On-chain access and withdrawal of stablecoins through multiple mainstream Blockchain networks.

This means that enterprises can easily access dollar-backed stablecoins on the platform and efficiently conduct fiat deposit and withdrawal operations through seamlessly integrated traditional banking systems.

In addition, the company acquired a Web3 wallet infrastructure startup in June 2025, which offers wallet creation based on email or SSO login, transaction signing, key management, and Gas abstraction functionalities. Combining the existing stablecoin infrastructure with wallet technology, launching its own Blockchain mainnet to achieve coordinated development of the system seems to be a natural progression.

What changes will the launch of the L1 mainnet bring?

Although the launch of the L1 mainnet by the company is still rumored, if it becomes true, it could enable a range of financial services that were previously not possible. The following are several conceptual directions based on existing businesses and potential expansions.

The company has existing functions as a PSP.

To understand what services the company can improve through Blockchain, it is necessary to first understand its current role. As one of the most well-known payment service providers, the company acts as a technological bridge between merchants, acquirers, card organizations, and issuing banks, ensuring a smooth and secure payment process. The main services include:

• Payment Gateway: Collects user card information, encrypts it, and transmits it to the card network and issuer.
• Supports multiple payment methods: supports credit cards, digital wallets, bank transfers, and local payment methods;
• Fraud Detection and Security Assurance: Detect fraudulent transactions through machine learning, complying with security standards such as PCI-DSS;
• Multi-currency and international payment support: Automatically convert multiple currencies to facilitate global sales;
• Reports and Analysis Tools: Provide merchants with insights into transaction records, success rates, user behavior, etc.;
• Technical Integration and Operational Support: Provide API and SDK to assist enterprises in deploying payment systems, and handle refunds, billing, customer support, and other matters;
• Customer experience optimization: Support for payment scenarios such as subscriptions, installment payments, and refunds;
• Merchant Settlement Intermediary: Collaborates with the acquirer or handles independently to settle funds from the issuing bank to the merchant.

Before the birth of PSP, merchants had to integrate multiple payment methods on their own and sign contracts with acquirers one by one, which greatly affected operations and user experience.

The new L1 network may bring about changes.

If the company launches an L1 Blockchain network, it may bring about the following changes:

Basic Scenario

1. Merchant Stablecoin Account Integration with New L1 Network

The company currently offers stablecoin account services in 101 countries, allowing merchants to hold two types of US dollar stablecoins and access funds through traditional banking systems or on-chain networks. If a new L1 network is launched, it is expected to further support access through its own chain, enhancing operational efficiency and expanding application scenarios.

2. Stablecoin Settlement Options

The company, as a payment service provider, often collaborates with acquirers or assumes settlement functions on its own. If a new L1 network is introduced, merchants may choose to settle sales revenue in USD stablecoins, which is particularly significant for merchants with high demand for USD but limited access.

3. User Wallet Service

The company has acquired the infrastructure necessary to create wallets for users. Although the current focus is on the merchant side, there is potential to provide individual users with a simple and user-friendly wallet that supports payments and other Web3 financial activities by integrating the new L1 network with existing services.

4. Customer Stablecoin Payment Options

Currently, the company mainly supports traditional payment methods such as credit cards and bank accounts. If Web3 wallets (provided by the company or third parties) are supported, customers will be able to choose to use stablecoins for payment.

Ideal Scenario

1. Direct payment between customers and merchants

Payments via credit cards or bank accounts rely on traditional financial networks. If the new L1 network supports users to pay merchants directly with stablecoins, it is expected to bypass issuing banks and card organizations, significantly improving settlement speed and reducing costs. However, it should be noted that the cancellation or refund mechanism for on-chain payments is relatively complex, and a comprehensive protection mechanism needs to be introduced.

2. Subscription Services Based on Micropayments

Blockchain has micro-payment and streaming subscription capabilities. Currently, subscriptions are mostly billed monthly or annually, but the new L1 network can support per-minute billing models, enabling automatic settlement based on actual usage time, bringing a new business model for service providers and consumers.

3. The DeFi Utilization of Short-term Deposits

The current payment system has a long settlement cycle, partly due to the need to deal with issues such as fraud, cancellations, and refunds. Even if customers are allowed to pay merchants directly with stablecoins, some funds may still need to temporarily stay in the new L1 Blockchain.

These short-term deposits will form a large liquidity pool that can be used for DeFi protocols, lending markets, or bond investments, thereby enhancing capital efficiency and generating additional returns.

Conclusion

After closely following the stablecoin industry and observing the related ecosystem, it is not difficult to find that the rumors about the company launching its own L1 Mainnet are indeed quite intriguing. So far, several payment giants have only regarded Blockchain and stablecoins as additional features to their traditional businesses. If the company truly releases its own L1 Mainnet, it could potentially mark an important beginning in the paradigm shift of payment systems.

In the past, the company's main role was as a payment gateway or acquirer, but once the L1 Blockchain is built, it may simultaneously take on the functions of both the issuing bank and card organizations at the technical level. More importantly, the new L1 network has the potential to leverage Blockchain technology to comprehensively enhance payment efficiency and expand into new functionalities that traditional systems find difficult to reach, such as micro-payment-based streaming subscriptions and automated management of short-term idle funds.

Currently, payment systems are on the brink of a blockchain-driven wave of innovation. Whether the rumors are true or not, any blockchain-related actions by the company could have a profound impact on the payment industry landscape. It remains to be seen whether we will welcome an era where blockchain reshapes payment infrastructure.