Stripe is supporting the development of Tempo, a new Layer 1 blockchain designed for high-volume stablecoin transactions. Tempo aims to facilitate faster and cheaper payments, rivalling traditional systems. The blockchain boasts a processing speed of over 100,000 transactions per second with sub-second finality. It is also compatible with the Ethereum Virtual Machine (EVM), allowing developers to use familiar tools.
Tempo is designed to be stablecoin-neutral, allowing transaction fees to be paid in any stablecoin. This eliminates the need for users to hold volatile native tokens. Key partners include Anthropic, OpenAI, Coupang, Deutsche Bank, DoorDash, Lead Bank, Mercury, Nubank, Revolut, Shopify, Standard Chartered, and Visa. Matt Huang, co-founder of Paradigm, will lead the Tempo project.
Tempo is currently in a private test mode, onboarding a select group of early partners. Stripe's involvement in Tempo is part of a broader strategy to integrate crypto into its ecosystem, streamlining global payment processing and reducing settlement times.
