Opinion: Is Ethereum's EVM the new Microsoft Excel for Wall Street? (Author: David Hoffman (@TrustlessState)) Circle and Stripe are launching 'enterprise-grade L1' chains (Arc and Tempo), but these permissioned chains are more like internal settlement databases, lacking the openness and decentralization of the crypto narrative. The author believes they are unlikely to issue L1 assets in the short term and will primarily be used for stablecoins and payment settlements.