2025 Stablecoin Dedicated Chain Top Five Showdown: Plasma, Stable, Codex, Noble, and 1Money

In September 2025, the stablecoin dedicated chain track will迎来关键转折点, the official launch of the Plasma Mainnet marks the industry's entry into the scale competition stage. The total market capitalization of global stablecoins has surpassed 280 billion USD, and dedicated chains are driving the transformation of stablecoins from a Medium of Exchange within the circle to a mainstream payment tool by optimizing transaction fees, speed, and Compliance. The five major projects reviewed this time—Plasma, Stable, Codex, Noble, and 1Money—are respectively entering the market from dimensions such as USDT ecosystem expansion, enterprise-level Settlement, and cross-chain issuance, with their technical routes and ecological strategies set to reshape the future financial infrastructure landscape. With the Fed's GENIUS Act strengthening the regulatory framework, Compliance capability has become a key threshold for projects to break through.

The Rise of Stablecoin-Specific Chains Background

Traditional public chains expose three major pain points in stablecoin payment scenarios: fee fluctuations, slow transaction speeds, and difficulties in compliance auditing. In contrast, stablecoin dedicated chains focus on optimizing circulation efficiency and achieve low-cost, high-throughput, and strong compliance characteristics through customized architectures. By 2025, the annual transaction volume of stablecoins is expected to reach 27.6 trillion USD, surpassing traditional payment networks like Visa and Mastercard, highlighting the urgent demand for dedicated infrastructure in the market. This trend aligns with the global wave of digital payment transformation, especially in emerging markets, where stablecoins are becoming important tools for addressing currency fluctuations and cross-border settlements.

In terms of technological evolution, dedicated chains adopt a layered design to solve core contradictions. For instance, Plasma reduces user thresholds through a zero-fee transfer mechanism using native USDT, Codex focuses on predictable rates for B2B settlements as an Ethereum Layer 2 solution, while Noble achieves seamless cross-chain asset transfers relying on the Cosmos IBC protocol. These innovations not only enhance user experience but also lay the groundwork for large-scale institutional adoption.

Positioning and Strategic Differences of the Top Five Projects

· Plasma: Pioneer of Payments in the USDT Ecosystem

Plasma, supported by the Tether ecosystem, features zero-fee USDT transfers and EVM compatibility. It integrates bank card payments and yield functionalities through the Plasma One super application. Its market strategy fully leverages the liquidity network of Bitfinex, attracting over $1 billion in stablecoin deposits during the Mainnet launch phase, demonstrating strong ecological appeal.

· Stable: USDT Native Chain with Compliance Priority

As a Tether-related project, Stable has innovatively introduced the USDT payment Gas model, eliminating the friction of users holding multiple tokens. The project focuses on the U.S. regulatory framework and has secured seed round investments from traditional institutions such as Franklin Templeton. It plans to advance in phases from the testnet to enterprise-level blockchain space services.

· Codex: Institutional-grade Settlement Layer2 Solution

Codex, based on the Optimism tech stack, has received strategic investment from Circle, achieving the native USDC issuance and CCTP cross-chain integration ahead of others. Its clear positioning targets cross-border payments and foreign exchange settlement scenarios, meeting institutional compliance needs by connecting with custodians like Fireblocks. The current on-chain USDC circulation is approximately 1.7 million USD.

· Noble: The stablecoin issuance hub of the Cosmos ecosystem

As the first dedicated issuance chain in the Cosmos ecosystem, Noble successfully introduced USDC and launched the yield-bearing stablecoin USDN, with an annual yield of approximately 4.08%. By connecting nearly 50 chains through the IBC protocol, its on-chain stablecoin total market capitalization reached 408 million USD, becoming a cross-chain liquidity hub.

· 1Money: The New Wave of Simplified Payment Networks

1Money, founded by the former CEO of Binance US, adopts an innovative consensus protocol BCB, supporting a throughput of 250,000 TPS and sub-second confirmation. The project highlights its Compliance advantages, with the board including former FinCEN directors and other regulatory experts, aiming to directly serve retail payment scenarios through a gas-free token design.

Comparison of Technical Performance and Ecological Progress

From the perspective of development progress, the five major projects present a gradient characteristic. Noble, as the earliest implemented project, has had its Mainnet running stably for over a year, supporting nearly 50% of the stablecoin circulation in the Cosmos ecosystem; Plasma will launch its Mainnet on September 25, 2025, having verified thousands of TPS and second-level finality during the testnet phase; Codex, although launched later, quickly integrated USDC thanks to OP Stack; Stable and 1Money are still in the testnet optimization phase.

In terms of technical architecture, each project makes trade-offs for different scenarios. Plasma and Stable prioritize the circulation efficiency of USDT, adopting a high-performance Layer 1 design; Codex inherits the security of Ethereum while reducing costs through Rollup; Noble focuses on asset issuance rather than smart contract functionality; 1Money completely abandons smart contracts to simplify the payment process. This differentiated approach reflects the diversity of market demand.

Ecological construction data reveals first-mover advantage: Plasma testnet deposits of stablecoins reached 1 billion USD, with community followers exceeding 130,000; Noble's on-chain USDC circulation surpassed 500 million USD, and USDN grew to 64 million coins in six months; Codex, though smaller in scale, has gained official integration with Circle, providing institutional access advantages.

Compliance Challenges and Market Opportunities

The interest payment ban of the Fed GENIUS Act reshapes industry rules, requiring stablecoins to be positioned as Medium of Exchange rather than savings products. Against this backdrop, Plasma initiates the transition to an open network through a permissioned validator system, Stable emphasizes reserve transparency and KYC mechanisms, Codex incorporates compliance checks for atomic swaps, and 1Money directly involves former regulators in governance, reflecting the project's differentiated approach to Compliance.

Emerging markets have become key growth points. In Latin America, 71% of financial institutions have used stablecoins for cross-border payments, with Argentina's stablecoin trading accounting for 62%. Plasma targets the Asian market by integrating with KRW1 Korean won stablecoin, while Codex expands fiat channels in Colombia and other regions, demonstrating precise understanding of regional characteristics.

In terms of adoption by institutions, payment service providers like EBANX have begun to support USDT and USDC for Settlement, allowing traditional enterprises to reduce cross-border costs by 70% through stablecoins. This trend creates opportunities for B2B-oriented projects like Codex, while the Plasma One super app explores the "earn while you spend" model in retail scenarios.

Operational Recommendations and Risk Warning

For payment users, it is recommended to prioritize projects that are launched on the Mainnet and have a mature ecosystem. Merchants can access Noble's USD settlement using Cosmos ecosystem liquidity; high-frequency small payments are suitable for Plasma's zero-fee USDT transfers; enterprises can test Codex's Compliance channel for cross-border settlements.

Investors need to pay attention to technical risks and regulatory dynamics. New networks such as Plasma need to undergo security audits and stress tests; the GENIUS Act may impact compliance adjustments for income-generating products like USDN; the project token economic model (such as XPL) needs to assess actual demand support. It is recommended to diversify allocations to projects with different technical routes and regulatory environments to reduce the risk of policy uncertainty.

Conclusion

The competition of stablecoin dedicated chains is a reflection of the reconstruction process of digital financial infrastructure. From Plasma's zero-fee payments to Noble's cross-chain issuance, from Codex's institutional settlement to 1Money's minimalist network, the five major projects respond to the hierarchical market demands through technological differentiation. With the regulatory framework becoming clearer and traditional finance accelerating its entry, projects with compliance advantages, ecological breadth, and technological robustness are more likely to succeed in this long race. In the next three years, stablecoin chains are expected to become the core hub connecting traditional finance and the blockchain ecosystem, driving the global payment system towards a more efficient and inclusive direction.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions with caution.