Payments firm Stripe and crypto venture firm Paradigm have jointly unveiled Tempo, a new layer 1 blockchain designed specifically for stablecoin payments.

Tempo, built with contributions from partners like OpenAI and Visa, is an Ethereum Virtual Machine (EVM) compatible chain that aims to facilitate low-cost global transactions for any business use case.

It currently operates in a private testnet phase with select global partners testing cross-border payouts, B2B payments, remittances, and other payment use cases.

This story is an excerpt from the Unchained Daily newsletter.

Paradigm founder Matt Huang said the network is capable of 100,000 transactions per second and sub-second finality.

“We’re building Tempo with principles of decentralization and neutrality,” said Huang, noting that those plans include stablecoin neutrality and a diverse validator set with a roadmap towards being permissionless.