Payment Giant Stripe and Crypto Investment Firm Paradigm on Thursday official Unveiled Tempo, their combined blockchain project designed for Stablecoin payments.
The initiative, eliminated inside the stripe, was designed to hold the type of scale stripe seen in real-world financial applications, processing thousands of transactions per second with a sub-second end, Stripe CEO Patrick Collison said in a X post.
The project launches along with a list of partners on Heavyweight including Anthropic, Deutsche Bank, Doordash, Nubank, Openai, Revolut, Shopify, Standard Chartered and Visa, which will help shape its design, he added.
“We hope the tempo makes it easier for things like payment to pay, global payout, remittance, microtransaction, tokenized deposits, payment agents, and more, to switch Sachain,” he said.
Tempo, first Leak In August in a posting work, joined a growing roster of blockchain projects competing for Stablecoin payments. This is a potential a major opportunity in the market: Stablecoins, now a $ 270 billion class of cryptocurrencies, is expected to be a trillion-dollar market and prepared to interrupt the global payment flow as a cheaper, faster alternative to banking metals, proponents said.
Collison says Tempo needs because the current blockchains, even high-speeds like Solana Do not match the throughput of the stripe or payment -focused requirements.
Tempo targets 100,000 transactions per second with a sub-second end, allowing fees to be paid to Stablecoins instead of folk tokens and with a built-in automatic market manufacturer to ensure neutrality throughout the providers, he said. The chain is Ethereum Virtual Machine (EVM)-Connect and built in Reth, an Ethereum Clients of implementation.
Tempo is an independent creature with an early investor paradigm and stripe, Collison said. Paradigm CEO Matt Huang leads a team of 15 people.
“We build a tempo with the principles of decentralization and neutrality,” Huang said to a X post. This includes launching with different sets of validators with plans to switch to an unauthorized future model.
Read more: Why circle and stripe (And many more) Are launching their own blockchains
