Stripe is funding a new blockchain company called Tempo. The announcement was made by co-founder and CEO Patrick Collison on Thursday. The new company is focused on the high-volume processing of stablecoins. Stablecoins help reduce the notorious volatility of cryptocurrency because they are pegged to a stable asset like the U.S. dollar. This move is not unexpected, as Stripe recently acquired the stablecoin company Bridge.
What is surprising is the impressive list of companies Stripe has already enlisted as design partners. These include Anthropic, Coupang, Deutsche Bank, DoorDash, Lead Bank, Mercury, Nubank, OpenAI, Revolut, Shopify, Standard Chartered, and Visa. If the blockchain platform performs well, these partners are expected to use or offer it for a wide range of applications, from agentic payments to remittances.
Furthermore, Stripe board member Matt Huang has signed on to lead Tempo. Huang is also the co-founder of Paradigm, one of the most prestigious crypto venture capital firms. Paradigm has also made an investment in the new company. Patrick Collison stated that Tempo will operate as an independent company.