Latest developments: Infrastructure providers are increasingly building network-based stablecoin payment systems instead of single-vendor rails, Borderless CEO Kevin Lehtiniitty said in an interview on CoinDesk Markets Outlook.
- Borderless recently partnered with wallet infrastructure provider Dfns to launch a stable institutional off-ramp for banks, fintechs and enterprises.
- The system routes stablecoin payments through multiple liquidity providers across global markets.
- The goal is to convert stablecoins to local fiat currencies more reliably while avoiding reliance on a single provider.
Why it’s important: Early enterprise stablecoin experiments often relied on bundled providers that managed the entire stack.
- These “black box” solutions bundled wallets, compliance tools, and access to liquidity into a single product.
- This model helped institutions conduct rapid proof-of-concept pilot testing without rebuilding their payments infrastructure.
- But it also created vendor lock-in and introduced operational risk if a single vendor faced a service interruption.
The transition to “Stablecoin 2.0”: Institutions are now moving towards a modular infrastructure where they control more of the stack internally.
- Large companies select the best distinct tools for compliance, custody wallets and access to liquidity.
- This approach reflects the way traditional financial infrastructure is built across multiple providers.
- Lehtiniitty describes this change as the transition from “Stablecoin 1.0” pilots to “Stablecoin 2.0” production systems.
How the network model works: Multi-vendor networks help institutions manage regulatory uncertainty and improve pricing.
- No single company is licensed or regulated in every country, making it difficult to provide global payments coverage with a single partner.
- A network structure allows institutions to connect to multiple liquidity providers within the same corridor.
- Payments can be automatically redirected if a provider experiences regulatory issues, banking disruptions, or technical outages.
What comes next: Stablecoins can increasingly operate behind the scenes as financial infrastructure.
- Companies are exploring cross-border payments technology, particularly in emerging market corridors.
- Stablecoins can also reduce the need for expensive pre-funded accounts used in traditional remittance systems.
- Over time, the technology could be integrated into payment systems rather than released as a standalone product.
