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Stripe and Paradigm to Develop New Blockchain for Stablecoin Payments

Stripe and Paradigm to Develop New Blockchain for Stablecoin Payments

Stripe and Paradigm’s Tempo blockchain, designed for stablecoin payments, aims to scale up global financial use cases with 100k+ TPS and sub-second finality, enabling low-cost transactions for businesses and users.

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Fact Check
The statement is directly and consistently confirmed by numerous independent sources provided in the evidence. Multiple articles from different outlets (CryptoSlate, ainvest, The Paypers, The Block, etc.) explicitly state that Stripe and the VC firm Paradigm are collaborating to develop a new Layer 1 blockchain named 'Tempo' specifically for stablecoin payments and infrastructure.
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Summary

Stripe and Paradigm have unveiled Tempo, a new EVM-compatible blockchain tailored for high-speed stablecoin payments. Built on Reth, the chain targets 100,000 transactions per second, with sub-second finality, and will allow fees to be paid in stablecoins. The project, which includes major partners like Visa and OpenAI, is built for global payouts, payroll, remittances, and more. Tempo aims to streamline real-world crypto applications while operating as a neutral stablecoin chain.

Terms & Concepts
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by being pegged to a real-world asset, such as a fiat currency like the U.S. dollar.
  • EVM-compatible chain: A blockchain that can execute smart contracts and applications designed for the Ethereum Virtual Machine, enabling interoperability with the Ethereum ecosystem.
  • AMM (Automated Market Maker): A decentralized exchange protocol that relies on a mathematical formula to price assets, allowing for permissionless and automatic trading without traditional order books.