Stripe Developing Blockchain in Tandem With VC Firm Paradigm

Stripe is reportedly developing a new blockchain in partnership with cryptocurrency-focused venture capital firm Paradigm.

That’s according to a report Monday (Aug. 11) from Fortune, citing a job posting on a site for the crypto lobbying group Blockchain Association.

“Tempo is a high-performance, payments-focused blockchain,” the posting said, advertising for a product marketing position.

The post, which has since been removed, added that Tempo is in stealth, has a five-member team, and is seeking applicants who have “experience marketing to a Fortune 500 audience.”

Sources told Fortune the blockchain is a layer 1, or not built on top of other protocols, and it’s compatible with the coding language used on the Ethereum blockchain.

Fortune adds that Matt Huang, Paradigm’s managing partner and co-founder, also sits on the board of Stripe. PYMNTS has contacted Stripe for comment but has not yet gotten a reply.

The Fortune report points out that Tempo would mark Stripe’s latest in a series of crypto ventures. The company in October announced it was paying $1.1 billion to acquire the stablecoin infrastructure firm Bridge, its largest purchase to date. And in June, the company announced it had picked up crypto wallet developer Privy.

This is happening against a backdrop of a flurry of interest around stablecoins, which are a form of cryptocurrency pegged to fiat assets like the U.S. dollar. While these digital tokens have existed for years, interest in them has blossomed in the last year, reaching a fever pitch after President Donald Trump signed the GENIUS Act — which creates rules around stablecoins — last month.

As PYMNTS noted in a report earlier this week, the rising stablecoin market may set the stage for decreased lending from banks, creating an opportunity for alternative lenders, including FinTech platforms, to fill the void.

A recent economic bulletin by the Federal Reserve Bank of Kansas City explores the push-pull dynamic that could take shape in the coming years. The framework for stablecoins in America, codified in the GENIUS Act, will raise demand for U.S. Treasurys, the world’s deepest and most liquid market.

“The effect of U.S. dollar stablecoins on the Treasury market will depend on the stablecoin market’s size and future growth,” the bulletin said, adding that while the stablecoin today is “too small to have a large effect on Treasury demand,” it is “expected to grow substantially over the next several years.”