Stripe, Paradigm Unveils Payments-Focused Blockchain Tempo

Payments large Stripe and crypto funding agency Paradigm on Thursday formally unveiled Tempo, their joint blockchain mission designed for stablecoin funds.

The initiative, incubated inside Stripe, is designed to deal with the sort of scale Stripe sees in real-world monetary functions, processing tens of hundreds of transactions per second with sub-second finality, Stripe CEO Patrick Collison mentioned in an X put up.

The mission launches with a listing of heavyweight companions together with Anthropic, Deutsche Bank, DoorDash, Nubank, OpenAI, Revolut, Shopify, Standard Chartered and Visa, who will assist form its design, he added.

“We hope that Tempo makes it easier for things like payment acceptance, global payouts, remittances, microtransactions, tokenized deposits, agentic payments, and more, to move onchain,” he mentioned.

Tempo, first leaked in August in a job posting, is becoming a member of a rising roster of blockchain initiatives competing for stablecoin funds. It’s probably an enormous market alternative: Stablecoins, now a $270 billion class of cryptocurrencies, are projected to change into a trillion-dollar market and poised to disrupt international cost flows as a less expensive, sooner various to banking rails, proponents say.

Collison mentioned Tempo was wanted as a result of present blockchains, even high-speed ones like Solana SOL$203.46, don’t match Stripe’s throughput or payment-focused necessities.

Tempo targets 100,000 transactions per second with sub-second finality, permits charges to be paid in stablecoins as an alternative of native tokens and features a built-in automated market maker to make sure neutrality throughout issuers, he mentioned. The chain is Ethereum Virtual Machine (EVM)-compatible and constructed on Reth, an Ethereum ETH$4,322.58 execution consumer.

Tempo is an unbiased entity with Paradigm and Stripe being early traders, Collison mentioned. Paradigm CEO Matt Huang is main a workforce of 15 particular person.

“We’re building Tempo with principles of decentralization and neutrality,” Huang mentioned in an X put up. That contains launching with a various set of validators with plans to transition to a permissionless mannequin sooner or later.

Read extra: Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains