Stripe-Backed Tempo Secures $500M for Stablecoin-Focused Blockchain

Tempo, a blockchain initiative incubated by Stripe and Paradigm, has raised $500 million in one of the largest crypto funding rounds in recent years. The investment, led by Thrive Capital and Greenoaks, values the startup at approximately $5 billion. Sequoia, Ribbit Capital, and SV Angel also participated, while Stripe and Paradigm abstained from the raise.

The project distinguishes itself by focusing on stablecoin infrastructure rather than trading-centric blockchains. Designed as a settlement LAYER for cross-border digital dollar transfers, Tempo's architecture mirrors the backend operations of traditional card networks. Early collaborators include OpenAI, Shopify, Visa, and Deutsche Bank.

Stripe's aggressive expansion into crypto infrastructure continues with the Tempo investment, following its $1.1 billion acquisition of Bridge and pending purchase of wallet startup Privy. Bridge's application for a national trust bank charter could position it to issue stablecoins under evolving U.S. regulations.

Tempo joins a growing list of institutional blockchain initiatives, including planned networks from Robinhood and Circle, as major financial players increasingly develop proprietary distributed ledger solutions rather than relying on existing platforms like Ethereum.