Latest developments: Infrastructure providers are increasingly building networked stablecoin payment systems instead of single-provider rails, Borderless CEO Kevin Lehtiniitty said in an interview on CoinDesk’s Markets Outlook.
- Borderless recently partnered with wallet infrastructure provider Dfns to launch an institutional stablecoin off-ramp targeting banks, fintechs and enterprises.
- The system routes stablecoin payouts through multiple liquidity providers across global markets.
- The goal is to convert stablecoins to local fiat currencies more reliably while avoiding dependence on a single vendor.
Why it’s important: Early enterprise stablecoin experiments often relied on bundled providers that handled the entire stack.
- These “black box” solutions packaged wallets, compliance tools and liquidity access into a single product.
- This model helped institutions run quick proof-of-concept pilots without rebuilding their payment infrastructure.
- But it also created supplier lock-in and introduced operational risk if a single supplier experienced downtime.
The switch to “Stablecoin 2.0”: Institutions are now moving towards modular infrastructure, where they control more of the stack internally.
- Large companies choose separate tools in the class for compliance, deposit pool and liquidity access.
- This approach mirrors how traditional financial infrastructure is built across multiple vendors.
- Lehtiniitty describes this shift as the transition from “Stablecoin 1.0” pilots to “Stablecoin 2.0” production systems.
How the network model works: Multi-provider networks help institutions manage regulatory uncertainty and improve pricing.
- No single company is licensed or regulated in all countries, making global payout coverage difficult with one partner.
- A network structure allows institutions to connect to multiple liquidity providers within the same corridor.
- Payments can automatically redirect if a provider experiences regulatory issues, banking disruptions or technical outages.
What comes next: Stablecoins can increasingly function behind the scenes as financial infrastructure.
- Companies are exploring the technology for cross-border payments, especially in emerging market corridors.
- Stablecoins can also reduce the need for expensive pre-funded accounts used in traditional remittance systems.
- Over time, the technology may be embedded in payment systems instead of being marketed as a stand-alone product.
