Fintech giant Stripe is launching a new blockchain company called Tempo in partnership with crypto venture firm Paradigm.

Patrick Collison, co-founder CEO, Stripe, said in an X post that Stripe and Paradigm are the first investors in Tempo that is aimed at high-volume processing of stablecoins.

Tempo will have a built-in stablecoin AMM (automated market maker) to enable platform neutrality with respect to different stablecoins.

"At Stripe, we care about high-throughput, low-latency payments use cases. As the use of stablecoins (and crypto more broadly) grows across Stripe, Bridge, and Privy, we found that existing blockchains are not optimized for them," noted Collison.

Matt Huang, Stripe board member and co-founder of Paradigm will lead Tempo, which currently has a team of 15 members.

Collison revealed that Tempo is working with Anthropic, Coupang, Deutsche Bank, DoorDash, Lead Bank, Mercury, Nubank, OpenAI, Revolut, Shopify, Standard Chartered, and Visa as initial design partners.