Tempo, a blockchain focused on payments and supported by Stripe and crypto investment firm Paradigm, has unveiled its public testnet, marking a significant milestone in its mission to facilitate stablecoin payments for mainstream adoption.
Tempo has also announced a new group of partners, which includes buy-now-pay-later company Klarna, prediction market Kalshi, payments leader Mastercard, and Swiss banking giant UBS. They join earlier design partners such as Deutsche Bank, Visa, Shopify, OpenAI, and Nubank.
First introduced in September, Tempo is crafted to manage high-volume financial transactions with minimal fees, instantaneous finality, and built-in support for stablecoins. With the launch of the testnet, developers and corporate partners can start testing real-world payments on-chain.
This development aligns with the growing trend of creating blockchains for stablecoin payments as the digital dollar’s adoption surges globally. Currently valued as a $300 billion asset class, stablecoins are expected to play a crucial role in cross-border payment systems, with business-to-business (B2B), peer-to-peer (P2P), and card payments propelling growth, according to a recent report by Keyrock and Bitso.
Tempo’s goal is to address typical challenges in blockchain finance, such as network congestion and fluctuating transaction fees. The network charges about one-tenth of a cent for each transaction, payable in U.S. dollar-denominated stablecoins, thus removing the necessity for a volatile gas token.
This news follows Bridge, Stripe’s stablecoin infrastructure firm, assisting Klarna in issuing its own digital dollar next year.
Read more: Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains
