Stripe's 'Tempo' Blockchain: Payments & Enterprise Focus?

Stripe Enters Blockchain Arena with 'Tempo'

Payment processing giant Stripe is reportedly developing a new blockchain, dubbed 'Tempo,' in collaboration with the crypto venture firm Paradigm. This information surfaced from a now-removed job posting on the Blockchain Association website dated August 3, according to a Fortune report.

The job posting sought a product marketer with experience working with Fortune 500 companies, suggesting a potential push into the enterprise sector.

Stablecoin-Focused Ecosystem Grows

Stripe's move comes amid growing interest in stablecoin-focused blockchains. Other projects gaining traction include:

Plasma: A Bitcoin sidechain that raised over $373 million in its token sale.
Stable: A Tether-focused blockchain raising $28 million to power stablecoin payments.

Regulatory Tailwinds and Stablecoin Growth

The stablecoin sector, valued at over $270 billion, has seen significant growth, potentially boosted by the recent signing of the GENIUS Act into law, establishing a regulatory framework for stablecoins in the U.S.

'Tempo' Details Emerge

Reportedly, 'Tempo' is designed as a "high-performance, payments-focused" layer 1 blockchain compatible with Ethereum's code. The project, currently operating in stealth mode, has a team of five, according to sources cited by Fortune. It remains unclear if 'Tempo' will feature its own native token.