Stripe is building a new blockchain dubbed Tempo with crypto venture firm Paradigm, according to a now-removed job posting dated Aug. 3 on the Blockchain Association website.
The role sought a product marketer with Fortune 500 experience, signaling an enterprise push, according to Fortune.
The move coincides with the development of other stablecoin-focused blockchains. These include Plasma, which drew over $373 million in an oversubscribed token sale, and Tether-focused blockchain Stable.
Interest in the $270 billion stablecoin sector has been growing exponentially. Trump’s recent signing of the GENIUS Act into law has helped boost the sector, as it established a regulatory framework for the sector in the U.S.
Tempo is described as a “high-performance, payments-focused” layer 1 that will run code compatible with Ethereum. The project is in stealth with a team of five, Fortune reports citing sources familiar with the effort. It’s unclear whether it’ll have its own native token.
The blockchain’s development marks another step in Stripe’s crypto strategy, which saw it acquire stablecoin platform Bridge for $1.1 billion last October. The firm has also acquired crypto wallet startup Privy to expand its Web3 capabilities, and has explored bank partnerships on stablecoins.