Ethereum

Ethereum is a blockchain network that introduced programmable smart contracts, allowing developers to build applications directly on top of the blockchain rather than just transferring a native cryptocurrency. That programmability is what enabled the token standards most stablecoins use today, and Ethereum remains one of the largest networks by value settled and by the number of stablecoins natively issued on it.

For payments infrastructure, Ethereum is often the default network for stablecoin liquidity, since major stablecoins like USDC and USDT maintain deep liquidity there. Its tradeoff is cost, since gas fees on Ethereum can be considerably higher than on newer, purpose built networks, particularly during periods of network congestion.