What to know:

• Stripe has named Matt Huang, co-founder and managing partner of Paradigm, as the CEO of its innovative blockchain project, Tempo.
• Tempo is positioned as a high-performance blockchain tailored for payments, and it is compatible with Ethereum.
• The stablecoin market, valued at $270 billion, is witnessing rapid growth, further accelerated by the recently signed GENIUS Act.

Stripe is advancing its vision by appointing Matt Huang, who will also maintain his role at Paradigm. This development aligns with an emerging trend of creating blockchains focused on stablecoins. Notably, the Plasma project recently secured over $373 million through a token sale, while the Tether-centered Stable blockchain raised $28 million for stablecoin transactions.

This new venture, Tempo, promises to be a “high-performance, payments-focused” layer 1 blockchain that will execute on Ethereum’s codebase. However, the exact launch date and token details remain unannounced.

Huang’s extensive background includes managing $12.7 billion in assets at Paradigm and backing projects such as Uniswap and Fireblocks.