Algorand founder Silvio Micali recently shared new insights into the upcoming Fiat Chain during an interview with crypto journalist Rachel Wolfson.

Designed as a separate entity from Algorand, the Fiat Chain is intended to serve the broader blockchain ecosystem, including, but not limited to, Algorand itself.

As the Algorand community anticipates a new ecosystem roadmap, let’s take a closer look at what the Fiat Chain represents and where the Algorand network is heading.

What is the Fiat Chain?

First introduced by Silvio Micali during Paris Blockchain Week 2025, the Fiat Chain is a new blockchain network focused on bringing institutional assets onchain.

These assets include stablecoins, tokenized instruments, and other forms of financial securities. According to Micali, enabling these assets to exist onchain in a more accessible and standardized way could unlock a new wave of blockchain use cases by institutions.

Silvio Micali, Founder of Algorand:

“There are great use cases for blockchain today that are unfortunately only leveraged for simple applications. Most of these are creative, but if you don’t have real assets on-chain, the entire industry is going to remain crypto-to-crypto.

Importantly, the Fiat Chain will not utilize the ALGO token, nor will it be integrated directly with the Algorand network. The network will operate independently as its own blockchain.

For Micali, the aim is to provide a hub through which institutional assets can be brought onchain and accessed by various other blockchain networks.

Micali envisions the Fiat Chain acting as a bridge or a centralized point of connectivity that institutions can use to interact with decentralized networks more seamlessly. This model could potentially position the Fiat Chain as a key player in cross-chain interoperability.

While some institutions have already begun exploring onchain solutions through platforms like Ondo Finance, Hedera, and Chainlink, Micali believes the industry has yet to realize its full potential.

The Fiat Chain is expected to operate without a native token, relying instead on stablecoins for transaction fees and a validator board for achieving consensus. This model is intended to meet the regulatory and usability standards that institutions typically require.

When asked whether he remains committed to Algorand, Micali responded by emphasizing the importance of decentralization:

“I think that the founders of decentralized technology have to let the ecosystem take over in order for it to remain decentralized.”

The Algorand Ecosystem in 2025

Recent months have been challenging for Algorand, with the departure of two major projects, FIFA Collect and TravelX, both of which played significant roles in growing network utility.

Jerry Chu, co-founder of real-world asset platform Lofty on Algorand, has voiced concerns about the organizational structure behind Algorand, noting inefficiencies in coordination between the Foundation and Algorand Technologies.

Despite recent setbacks, the ALGO community has remained resilient. The network continues to see steady growth in active addresses and maintains a strong base of stakers and decentralized applications.

The Algorand Foundation is set to release a new roadmap in July 2025, covering development plans from Summer 2025 through 2026. Community members are especially eager for updates on private network features and potential EVM (Ethereum Virtual Machine) compatibilities.

The upcoming roadmap is poised to be a critical moment for the ALGO ecosystem, potentially shaping its next phase of development and reinforcing its position in a competitive blockchain landscape.

While challenges remain, Algorand continues to stand out for its technical resilience, including a track record of zero downtime, a rarity in the blockchain space.