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By Francisco Rodrigues|Edited by Parikshit Mishra
Updated Aug 13, 2025, 11:32 a.m. Published Aug 13, 2025, 11:31 a.m.
- Stripe appointed Matt Huang, cofounder and managing partner of Paradigm, as the CEO of its upcoming blockchain network Tempo.
- Tempo is described as a high-performance, payments-focused layer 1 blockchain compatible with Ethereum.
- The stablecoin sector, with a $270 billion market capitalization, has been growing exponentially and was further propelled by the GENIUS Act.
Stripe has appointed Matt Huang, co-founder and managing partner of crypto venture firm Paradigm, as the chief executive officer of its upcoming blockchain Tempo.
Huang, who already sits on Stripe’s board, will retain his position at Paradigm. That’s according to Fortune, citing sources familiar with the project.
STORY CONTINUES BELOW
The move aligns with a growing trend of developing stablecoin-focused blockchains. These include Plasma, which recently attracted over $373 million in an oversubscribed token sale, and Tether-focused blockchain Stable.
The stablecoin sector, with a $270 billion market capitalization, has been growing exponentially and was further propelled by Trump’s recent signing of the GENIUS Act into law. The act established a regulatory framework for the sector in the U.S.
Tempo is described as a “high-performance, payments-focused” layer 1 that will run code compatible with Ethereum. It’s unclear when the blockchain will be launched, or whether it’ll have its own token.
Huang, a former Sequoia partner, has helped Paradigm manage $12.7 billion in assets and back projects including decentralized exchange Uniswap and crypto infrastructure provider Fireblocks.
Read more: Stripe Building Payments Blockchain ‘Tempo’ With Paradigm: Fortune
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
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By Oliver Knight|Edited by Sheldon Reback
2 hours ago
OKX’s record-breaking $7.6 billion OKB burn halved the circulating supply and sparked triple-digit price spike, and shifts focus to driving adoption of its X Layer blockchain.
What to know:
- OKX permanently removed 65.26 million OKB worth $7.6 billion from circulation.
- The move cut supply by 52% and capped the total at 21 million.
- OKB’s price spiked more than 200% to $142, with trading volume soaring 13,000% to $723 million as traders reacted to the supply shock.
- Sustained momentum hinges on growing usage of OKX’s X Layer blockchain, which plans to boost transaction speed, lower gas fees and fully transition OKB from Ethereum to X Layer.
