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