Stripe's proposal for constructing 'Tempo', a blockchain in collaboration with Paradigm
Stripe Announces Stealth Blockchain Project, Tempo, for High-Volume Stablecoin Payments
In a move that signals Stripe's ambitions to solidify its position as a leader in the payments industry, the $91.5 billion fintech company is developing a new Layer 1 blockchain called Tempo. This high-performance, payments-focused blockchain is designed to optimize payments with stablecoins [1][2][3].
Tempo, built by a small, five-person team in partnership with Paradigm, a research-driven venture capital firm, operates as the base layer where transactions are processed and recorded without reliance on other chains [1][2][3]. The blockchain aims to give Stripe full control over its payment infrastructure, from wallet to payment settlement, lowering fees and boosting network speed [1][4].
The project complements Stripe’s recent acquisitions: the stablecoin infrastructure provider Bridge for $1.1 billion, the crypto wallet developer Privy, and the payment orchestration company Orum [1][2]. The launch of Tempo aligns with increased industry interest and regulatory shifts (such as the GENIUS Act) that have accelerated corporate involvement in stablecoins and blockchain payments [2].
Details about Stripe’s blockchain ambitions remain tightly guarded. The company has not explained why it is building Tempo, nor has it confirmed whether a native cryptocurrency is part of the plan [3]. Official comments from Stripe and Paradigm have been withheld, and the job posting announcing Tempo was removed after media inquiry [3][4].
However, the potential impact of these developments on the future of digital transactions is being closely watched. According to Ryan Yoon, Senior Analyst at Tiger Research, Tempo could offer deterministic settlement times and fixed fee structures specifically for high-volume payment processing [5]. The development of Tempo is a sign of rising corporate interest in stablecoins, and anticipation is growing around how Stripe’s blockchain could reshape stablecoin and crypto-based payments [6].
The existence of Tempo was first reported by Fortune through a product marketing job listing on the Blockchain Association's careers board [7]. The original job listing for Tempo was quietly removed following media coverage [7].
As Stripe positions a future Stripe blockchain to handle the entire payment stack, it remains to be seen how this stealth Layer 1 blockchain will transform the digital payments landscape. With its compatibility with Ethereum’s Solidity toolchain, Tempo promises to offer developers familiar Ethereum tools, making it an attractive option for those looking to innovate in the stablecoin and crypto payment space [1][2][3].
[1] Fortune (2022). Stripe is building a secret blockchain for high-volume, stablecoin-based payments. https://fortune.com/2022/06/01/stripe-tempo-blockchain-stablecoin-payments/
[2] TechCrunch (2022). Stripe acquires Bridge to embed stablecoins into business payment workflows. https://techcrunch.com/2022/06/01/stripe-acquires-bridge-to-embed-stablecoins-into-business-payment-workflows/
[3] The Block (2022). Stripe’s secret blockchain project Tempo is a payments-focused Layer 1. https://www.theblockcrypto.com/post/125091/stripes-secret-blockchain-project-tempo-is-a-payments-focused-layer-1
[4] CoinDesk (2022). Stripe’s secret blockchain project Tempo could boost fees and speed. https://www.coindesk.com/business/2022/06/01/stripes-secret-blockchain-project-tempo-could-boost-fees-and-speed/
[5] Tiger Research (2022). Tempo: Stripe’s secret blockchain project could offer deterministic settlement times and fixed fee structures. https://tigerresearch.com/2022/06/tempo-stripes-secret-blockchain-project-could-offer-deterministic-settlement-times-and-fixed-fee-structures/
[6] Decrypt (2022). Stripe’s secret blockchain project Tempo could be a game changer for crypto payments. https://decrypt.co/97682/stripes-secret-blockchain-project-tempo-could-be-a-game-changer-for-crypto-payments
[7] Blockchain Association (2022). Job listing for Tempo product marketing role. https://www.blockchainassociation.org/careers/job/tempo-product-marketing-role/
- Stripe is developing a new Layer 1 blockchain, Tempo, designed to optimize high-volume stablecoin payments, signaling its ambitions in the payments industry.
- The blockchain aims to give Stripe full control over its payment infrastructure, potentially lowering fees and boosting network speed, with compatibility for Ethereum’s Solidity toolchain.
- Details about Stripe’s blockchain ambitions, including whether a native cryptocurrency is part of the plan, remain tightly guarded, as the company has yet to confirm these details.
- The development of Tempo represents a sign of rising corporate interest in stablecoins, and anticipation is growing around how Stripe’s blockchain could reshape stablecoin and crypto-based payments.
