Latest news: Infrastructure providers are increasingly building network-based stablecoin payment systems rather than 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 payments through multiple liquidity providers in global markets.
- The goal is to convert stablecoins into local fiat currencies more reliably while avoiding dependence on a single provider.
Why it is important: Early enterprise experiments with stablecoins often relied on bundled vendors handling the entire stack.
- These “black box” solutions packaged wallets, compliance tools, and liquidity access into a single product.
- That model helped institutions run rapid proof-of-concept pilots without rebuilding their payments infrastructure.
- But it also created supplier lock-in and introduced operational risks if a single supplier experienced downtime.
The change to “Stablecoin 2.0”: Institutions are now moving towards a modular infrastructure where they control more of the stack internally.
- Large enterprises are selecting best-in-class tools for compliance, custody portfolios, and liquidity access.
- This approach reflects how 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 company is licensed or regulated in all countries, making it difficult to cover global payments with a single partner.
- A network structure allows institutions to connect with multiple liquidity providers within the same broker.
- Payments can be automatically redirected if a supplier experiences regulatory issues, banking disruptions, or technical outages.
What comes next: Stablecoins can increasingly operate 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 can be integrated into payment systems rather than marketed as a standalone product.
