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Fortune

Leo Schwartz

Stripe and Paradigm announce new payments-focused blockchain Tempo

Tempo Paradigm Stripe blockchain Matt Huang Crypto United States Ethereum Bitcoin

(Credit: David Paul Morris—Getty Images)

Two of Silicon Valley’s top tech firms are teaming up to change the payments landscape. On Thursday, the $91.5 billion fintech Stripe and the crypto venture firm Paradigm publicly announced their joint project, Tempo, a so-called layer 1 blockchain built around stablecoins, or cryptocurrencies typically pegged to the U.S. dollar.

Layer 1 blockchains like Bitcoin or Ethereum are more demanding to build and operate than layer 2s, which sit atop other blockchains. Tempo is among a new crop of layer 1 projects dedicated to stablecoins, along with Circle’s Arc and Tether’s Plasma and Stable.

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