Stripe’s Stablecoin Blockchain Tempo Launches Public Testnet

Stripe and Paradigm have announced the launch of Tempo's public testnet, marking significant progress towards its upcoming layer-1 blockchain. This open-source platform allows users to interact with the network and experiment with various functionalities.

Key Takeaways

Stripe and Paradigm's Tempo has launched its public testnet, allowing public participation.
Users can run nodes, sync the blockchain, and explore numerous features.
Important features of Tempo include dedicated payment lanes, stablecoin gas, and a decentralized exchange.
Tempo aims to provide instant transactions, low fees, and a stablecoin-centric user experience.
The testnet has attracted significant attention, partnering with firms like Mastercard and Klarna.

Stripe’s stablecoin blockchain Tempo launches public testnet

Tempo's Public Testnet Launched

Tempo, the collaborative blockchain project by Stripe and Paradigm, has launched its initial public testnet. This development is a critical milestone as they prepare for the future launch of their official layer-1 blockchain. In a recent announcement from Tempo, the open-source testnet is currently operational, allowing anyone to “run a node or sync the chain” for testing various features.

“Today’s testnet launch initiates a new phase in Tempo’s development, concentrating on scalability, reliability, and user integration,” Tempo stated. The team will continue to add new infrastructure partners, enhance features, and rigorously test the network's performance over the coming months.

Source: Patrick Collison

The announcement outlined six core features that are currently operational on the network. These features include dedicated payment lanes, stablecoin-native transaction fees, an integrated decentralized exchange for stable assets, metadata for payments and transfers, speedy deterministic finality, and modern methods for wallet signing. Tempo emphasizes, “Our platform is designed to provide instant, predictable settlement, low fees, and a native stablecoin experience, areas in which most general-purpose blockchains still encounter challenges for financial applications.”

In a follow-up post on X, Georgios Konstantopoulos, chief technology officer at Paradigm, shared that Tempo testnet users can create stablecoins directly from their web browsers. These stablecoins will utilize Tempo's TIP-20 token standard. However, detailed information regarding liquidity and collateral requirements for the blockchain's official launch has not been provided in the testnet documentation.

Source: Georgios Konstantopoulos

Tempo Gains Momentum with New Design Partners

The testnet launch comes just four months after Tempo was first introduced by Stripe and Paradigm and three months after the project raised $500 million at a valuation of $5 billion. The project has partnered with notable design firms like OpenAI, Deutsche Bank, Standard Chartered, and Shopify to drive its development forward.

In their latest communication, Tempo highlighted the addition of several new design partners, including well-known companies like Mastercard, UBS, Kalshi, and Klarna. Notably, last month, Klarna, a buy-now-pay-later service licensed in the EU, introduced a USD-pegged stablecoin on Tempo, making it the first digital bank to launch on this network.

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