4 hours ago
Payments elephantine Stripe and crypto concern steadfast Paradigm connected Thursday officially unveiled Tempo, their associated blockchain task designed for stablecoin payments.
The initiative, incubated wrong Stripe, is designed to grip the benignant of standard Stripe sees successful real-world fiscal applications, processing tens of thousands of transactions per 2nd with sub-second finality, Stripe CEO Patrick Collison said successful an X post.
The task launches with a database of heavyweight partners including Anthropic, Deutsche Bank, DoorDash, Nubank, OpenAI, Revolut, Shopify, Standard Chartered and Visa, who volition assistance signifier its design, helium added.
"We anticipation that Tempo makes it easier for things similar outgo acceptance, planetary payouts, remittances, microtransactions, tokenized deposits, agentic payments, and more, to determination onchain," helium said.
Tempo, archetypal leaked successful August successful a occupation posting, is joining a increasing roster of blockchain projects competing for stablecoin payments. It's perchance a immense marketplace opportunity: Stablecoins, present a $270 cardinal people of cryptocurrencies, are projected to go a trillion-dollar marketplace and poised to disrupt planetary outgo flows arsenic a cheaper, faster alternate to banking rails, proponents say.
Collison said Tempo was needed due to the fact that existent blockchains, adjacent high-speed ones similar Solana (SOL), don’t lucifer Stripe’s throughput oregon payment-focused requirements.
Tempo targets 100,000 transactions per 2nd with sub-second finality, allows fees to beryllium paid successful stablecoins alternatively of autochthonal tokens and includes a built-in automated marketplace shaper to guarantee neutrality crossed issuers, helium said. The concatenation is Ethereum Virtual Machine (EVM)-compatible and built connected Reth, an Ethereum (ETH) execution client.
Tempo is an autarkic entity with Paradigm and Stripe being aboriginal investors, Collison said. Paradigm CEO Matt Huang is starring a squad of 15 person.
"We’re gathering Tempo with principles of decentralization and neutrality," Huang said successful an X post. That includes launching with a divers acceptable of validators with plans to modulation to a permissionless exemplary successful the future.
Read more: Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains
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