Fintech firm Stripe and venture capital firm Paradigm unveiled a stablecoin-focussed blockchain this week. Dubbed “Tempo”, the blockchain is aimed at making stablecoin transactions more efficient, the companies said. Tempo has been explained as a payment-centric Layer-1 chain, designed to cater to high-scale financial services.
The blockchain, that is presently in a private testnet, will let any stablecoin be used to process financial actions around embedded financial accounts, affordable remittance transfers, tokenized deposits for 24/7 settlements, microtransactions, as well as agentic payments among others.
The blockchain will be managed by Tempo, a company created separately from its “first two investors”, Paradigm and Stripe. Its roadmap going forward will be designed using inputs from a number of notable players from the Web3, traditional finance, and AI sectors.
“We’re excited to be working with Anthropic, Coupang, Deutsche Bank, DoorDash, Lead Bank, Mercury, Nubank, OpenAI, Revolut, Shopify, Standard Chartered, and Visa as initial design partners,” Patrick Collison, the CEO of Stripe said in his announcement statement.
The blockchain is being launched with an independent validator set. In the future, its mechanism will be phased-into permissionless validation. Furthermore, Tempo is expected to have a built-in stablecoin automated market maker (AMM) to maintain liquidity while enabling platform neutrality with respect to different stablecoins.
Stripe, meanwhile, will continue to work with many chains as a first-class partner, it said.
“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,” Collison noted.
As of September 4, the team of Tempo consists of 15 members. Matt Huang, the CEO of Paradigm will be leading the Tempo team.
Commenting on the development Huang said, “As stablecoins go mainstream, there’s a need for optimized infrastructure Tempo is purpose-built for stablecoins and real-world payments, born from Stripe’s experience in global payments and Paradigm’s expertise in crypto.”
He said the blockchain will ease the way to bring real-world financial settlements on-chain.
Developers interested in joining Temp can apply as the team is looking to expand in the coming days.
“A diverse group of independent entities, including some of Tempo’s design partners, will run validator nodes initially before we transition to a permissionless model. If you’re a company with large, real-world economic flows and would like to help shape the future of Tempo, get in touch,” the blockchain’s website said.