Blockchain Payment New Chapter: The Blockchain Ambitions of Payment Giants

Recently, the crypto community has been buzzing about a certain payment giant possibly launching its own L1 Blockchain network. After acquiring two blockchain-related companies, launching a dedicated chain might be its next step in laying out its strategy in the blockchain field. As a global leader in payment services, the company acts as a technical bridge between merchants, acquirers, card networks, and issuing banks, ensuring that transactions are efficient and secure.

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

1. Bypass direct payments with card organizations and banks;

2. Implement micropayment subscription models that traditional systems cannot support;

3. Generate income through short-term deposit balances.

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

Analysis of the Possibilities of the Blockchain Mainnet

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 Layer 2 networks, this payment giant may be the next large fintech company to venture into the Blockchain field.

The company's mission is to "enhance the Internet GDP", focusing on building global economic infrastructure to help manage online payments, operations, and growth from startups to large enterprises. 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 businesses can:

• Hold multiple stablecoins;
• Transfer fiat currency through various traditional financial channels to deposit and withdraw stablecoins;
• Access and storage of stablecoins on-chain through multiple major public blockchains.

This means that enterprises can easily access dollar-based stablecoins on the platform and achieve efficient fiat currency deposit and withdrawal operations through a seamlessly integrated traditional banking system.

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

The Changes Brought by Potential Blockchain Mainnets

If this payment giant really launches its L1 mainnet, it could enable a series of financial services that were previously unachievable. Below are several conceptual directions based on existing businesses and potential expansions.

Basic Scenario

1. Merchant Stablecoin Account Integrated with Blockchain Mainnet

The company currently offers stablecoin account services in multiple countries, allowing merchants to hold various stablecoins and make deposits and withdrawals through traditional banking systems or on-chain networks. If a proprietary blockchain mainnet is launched, it is expected to further support deposits and withdrawals through its own chain, enhancing operational efficiency and expanding application scenarios.

2. Stablecoin Settlement Options

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

3. User Wallet Service

By acquiring a Web3 wallet infrastructure company, the payment giant has established the infrastructure to create wallets for users. Although the current focus is on the merchant side, if combined with its own Blockchain and related services, it could provide individual users with a simple and user-friendly wallet that supports payments and other Web3 financial activities.

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 make payments using stablecoins.

ideal scenario

1. Direct payment between customers and merchants

Payments made through credit cards or bank accounts rely on traditional financial networks. If a proprietary Blockchain 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 is important to note that the cancellation or refund mechanism for on-chain payments is relatively complex, requiring the introduction of a comprehensive safeguard mechanism.

2. Subscription Services Based on Micropayments

Blockchain has the capability for micropayments and streaming subscriptions. Currently, subscriptions are mostly billed monthly or annually, but a proprietary blockchain can support billing by the minute, enabling automatic settlement based on actual usage time, bringing a new business model for service providers and consumers.

3. DeFi Utilization of Short-Term Deposits

The current payment system has a long settlement cycle, partly due to the need to address 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 Blockchain.

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

Conclusion

If this payment giant truly launches its own L1 mainnet, it could mark an important beginning for the paradigm shift in payment systems. In the past, the company's primary role was as a payment gateway or acquirer, but once an L1 Blockchain is built, it may technically take on the functions of both issuing banks and card organizations. More importantly, the proprietary Blockchain could leverage Blockchain technology to comprehensively enhance payment efficiency and expand 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 verge 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 landscape of the payment industry. Whether we will usher in an era where blockchain reshapes payment infrastructure remains to be seen.