Tempo, a payments-focused blockchain backed by Stripe and crypto investment firm Paradigm, has launched its public testnet, a key step in its efforts to make stablecoin payments for mainstream use.
Tempo also revealed a list of new additions to the network’s group of partners, including buy-now company Klarna, forecasting marketplace Kalshi, payments giant Mastercard and Swiss global bank UBS. They join a group of previous design partners such as Deutsche Bank, Visa, Shopify, OpenAI and Nubank.
Initially introduced in September, Tempo is designed to handle large financial transactions with low fees, instant finality, and native stablecoin support. With the testnet now up and running, developers and partner companies can begin experimenting with real-world on-chain payments.
The move joins the latest trend of creating blockchains for stable payments, as adoption of the digital dollar soars globally. Currently a $300 billion asset class, stablecoins are expected to become an integral part of cross-border payment pathways, with business-to-business (B2B), peer-to-peer (P2P) and card payments fueling growth, according to a recent report from Keyrock and Bitso.
Tempo aims to solve common problems in blockchain-based finance, such as network congestion and volatile transaction fees. The network charges about a tenth of a cent per transaction, payable in US dollar-denominated stablecoins and eliminating the need for a volatile gas token.
The news follows Stripe’s stablecoin infrastructure company Bridge helping Klarna issue its own digital dollar next year.
Learn more: Why Circle and Stripe (and many others) are launching their own blockchains
