Stripe and Paradigm’s payments-focused blockchain Tempo launches public testnet
Tempo, the payments-focused protocol valued at roughly $5 billion after raising money from VCs like Sequoia Capital, launched its public testnet on Tuesday.The blockchain "is built to deliver instant, deterministic settlement, predictably low fees, and a stablecoin-native experience, which are qualities that most general-purpose blockchains still struggle to provide for financial applications," according to a statement. "The testnet brings together the core features that make payments viable onchain."Tempo's private testnet was already operational. In October, the firm reportedly raised $500 million in a Series A round led by Thrive Capital and Greenoaks. Sequoia Capital, Ribbit Capital, and SV Angel, also participated in the round. Stripe and Paradigm, which incubated Tempo, did not invest in the round.The protocol has been designed as an Ethereum-compatible Layer 1 optimized for high-throughput payments and settlement. The blockchain said it is is working with firms including OpenAI, Shopify, Visa, Anthropic, and Deutsche Bank.Last month, the "buy now, pay later" company Klarna launched KlarnaUSD, a USD-backed stablecoin issued on Tempo. KlarnaUSD is slated to launch on Tempo's mainnet in 2026."Tempo is purpose-built for stablecoins and real-world payments, born from Stripe's experience in global payments and Paradigm's expertise in crypto," Paradigm co-founder and Managing Partner Matt Huang said in September.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.