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. 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
