Stripe and crypto venture firm Paradigm have disclosed plans for a new blockchain project called Tempo, which is designed around stablecoins.
The initiative will function as a layer 1 blockchain and is being developed with a focus on payments, remittances, and emerging use cases such as microtransactions and machine-driven transactions.
Blockchains such as Bitcoin and Ethereum have served as the foundations of digital assets since 2008. More recently, stablecoin adoption has encouraged the creation of a new category of payment-oriented blockchains, including projects from Circle and Tether. These networks aim to process transactions at higher speeds and lower costs than legacy services such as SWIFT or traditional wire transfers.
The rise of payment-focused blockchains
Unlike most networks that rely on native tokens for fees, Tempo will instead use existing stablecoins for transaction costs. According to individuals familiar with the plans, the project does not yet have a launch date but has assembled a team of about 15 staff members. Officials from Paradigm will oversee the development, while Stripe’s involvement will provide access to its existing global payments infrastructure and client base.
The announcement comes at a time of increased activity in the digital asset sector, supported by regulatory developments in Washington. The approval of stablecoin legislation earlier this year has led several financial and technology firms to explore blockchain applications. Stripe has already expanded into this space through acquisitions of wallet and stablecoin companies, positioning Tempo as an extension of that strategy.
Paradigm stated in a blog post that the project aims to be neutral, despite being incubated within Stripe. The firm also noted that a range of partners, including Anthropic, OpenAI, Deutsche Bank, and Shopify, will participate in the development.
