The Payments Giant Stripe and the investment company in Crypto Paradigm Thursday officially unveiled the tempo, their joint blockchain project designed for Stablecoin payments.
The initiative, incubated inside the band, is designed to manage the type of scale strip that the band sees in the financial applications of the real world, dealing with tens of thousands of transactions per second with an end lower than the second, said the CEO of Stripe Patrick Collison in a post X.
The project will be launched with a list of heavyweight partners, including Anthropic, Deutsche Bank, Doordash, Nubank, Openai, Revolut, Shopify, Standard Charterd and Visa, which will help shape its design, he added.
“We hope that tempo makes things easier such as acceptance of payments, world payments, shipments, microtransactions, tokenized deposits, agency payments, etc., to move onchain,” he said.
Tempo, disclosed for the first time in August in a job post, joins a growing list of blockchain projects in competition for Stablecoin payments. It is potentially a huge market opportunity: stablecoins, now a class of $ 270 billion in cryptocurrencies, should become a market of a dollars Billion and allowed to disrupt global payment flows as a cheaper and faster alternative to banking rails, according to supporters.
Collison said that tempo was necessary because the current blockchains, even at high speed like Solana Do not match the requirements of stripe or payment flow.
Tempo targets 100,000 transactions per second with a finality of less than a second, allows costs to be paid in stablecoins instead of native token and includes an integrated automated market to ensure neutrality between transmitters, he said. The chain is an Ethereum virtual machine (EVM)-Putable and built on Reth, a ethereum Execution client.
Tempo is an independent entity with paradigm and stripe being the first investors, said Collison. Paradigm CEO Matt Huang leads a team of 15 people.
“We build the tempo with principles of decentralization and neutrality,” said Huang in a post X. This includes launch with a diverse ensemble of validators with plans to move to a model without authorization in the future.
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