"On Thursday, the $91.5 billion fintech Stripe and the crypto venture firm Paradigm publicly announced their joint project Tempo, a so-called Layer-1 blockchain built around stablecoins, or cryptocurrencies typically pegged to the U.S. dollar. Layer-1 blockchains like Bitcoin or Ethereum are more demanding to build and operate than "Layer 2s," which sit atop other blockchains."
"The long-rumored blockchain comes amid a crypto boom. The Trump administration's embrace of the sector and Congress's passage of a stablecoin-focused bill in July have spurred many larger companies previously skeptical of blockchain technology, from banks to Big Tech companies, to begin exploring the space. But Stripe has been a pioneer, especially in Silicon Valley, including making landmark acquisitions of two stablecoin and crypto wallet companies."
Stripe and Paradigm announced Tempo, a Layer-1 blockchain built around stablecoins pegged to the U.S. dollar. Tempo joins other stablecoin-focused layer-1 projects such as Circle's Arc and Tether's Plasma and Stable. Layer-1 blockchains require greater resources and complexity than Layer 2s that sit atop other chains. The Trump administration's pro-crypto stance and a July congressional stablecoin bill have driven larger firms to explore blockchain integration. Stripe has made prior stablecoin and crypto wallet acquisitions and will have Stripe board member Matt Huang lead Tempo. Payment-focused blockchains aim for near-instant, low-fee transactions often tied to native tokens. Many funded blockchains have faded due to lack of usage.
Read at Fortune Crypto
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