Stripe to develop layer 1 payments blockchain with Paradigm

Stripe is quietly building a new payments-focused blockchain called Tempo, developed in partnership with venture capital firm Paradigm.

According to an Aug. 11 report from Fortune, the project surfaced through a now-removed job posting on the Blockchain Association’s career site, revealing early details about the stealth initiative.

A new payments infrastructure play

Tempo is described as a high-performance layer-1 blockchain compatible with Ethereum’s (ETH) programming language, allowing developers to port applications with minimal friction. The job ad, dated Aug. 3, noted a five-person core team and sought candidates experienced in marketing to Fortune 500 clients.

Four people briefed on the project confirmed its Ethereum compatibility, though neither Stripe nor Paradigm has publicly commented. The posting was taken down after Fortune contacted the companies, underscoring the stealth nature of the work.

Matt Huang, Paradigm’s cofounder and managing partner, sits on Stripe’s board, providing a direct link between the payments giant and the crypto investment firm.

Expanding the stablecoin stack

The blockchain effort builds on Stripe’s recent expansion into stablecoin infrastructure. The company added support for on-chain account integration at checkout when it acquired wallet provider Privy in June. Earlier in October 2024, it paid $1.1 billion to acquire Bridge, a stablecoin infrastructure company, which allowed companies to process and issue stablecoin payments.

Stripe has launched several other stablecoin-related products, including payment services in emerging markets, merchant Visa-linked cards, and financial accounts for holding and trading stablecoins. Stripe could optimize stablecoin settlement speed, lessen dependency on external networks, and customize transaction costs for business clients by managing its blockchain layer.

Although Stripe has not revealed whether Tempo will launch its cryptocurrency, industry observers note that controlling the base blockchain layer would allow the company to consolidate its role in the stablecoin payments stack, from wallet services to transaction processing.