Payments Giant Stripe and Crypto Investment Firm Paradigm on Thursday officially revealed pace, their joint blockchain project designed for stablecoin payments.
The initiative, incubated inside the stripe, is designed to handle the kind of scale strip that sees in the real world’s economic applications that process tens of thousands of transactions per year. Second with finality during a second, Stripe CEO Patrick Collison said in an X-post.
The project is launched with a list of heavyweight partners including Anthropic, Deutsche Bank, Doordash, Nubank, Openai, Revolut, Shopify, Standard Chartered and Visa that will help shape its design, he added.
“We hope Tempo makes it easier for things like payment acceptance, global payments, transfers, microtransactions, tokenized deposits, agent payments and more to move onchain,” he said.
Tempo, which first leaked in August in a job posting, participates in a growing list of blockchain projects competing for stableCOin payments. It’s potentially a huge market opportunity: stableecoins, now a $ 270 billion dollar of cryptocurrencies, is expected to be a trillion market and ready to disrupt the global payment flows as a cheaper, faster alternative to banking rails, spokesmen say.
Collison said there was a need for pace because the current blockchains, even high-speed dem like Solana Do not match the stripe’s flow or payment -focused requirements.
Tempo is targeted at 100,000 transactions per year. Second with finality during a second, fees allow to be paid in stablecoins instead of native tokens and includes a built -in automated market manufacturer to ensure neutrality across issuers, he said. The chain is ethereum virtual machine (Evm)-Compatible and built on RETH, an Ethereum execution client.
Tempo is an independent unit with paradigm and strip that are early investors, Collison said. Paradigm CEO Matt Huang leads a team of 15 people.
“We build tempo with principles of decentralization and neutrality,” Huang said in an X -post. It includes launch with a diverse set of validators with plans for transitioning to a permit -free model in the future.
Read more: Why circle and stripe (And many others) Launching their own blockchains
