Two of Silicon Valley’s top tech firms are teaming up to change the payments landscape. On Thursday, the $91.5 billion fintech Stripe and the crypto venture firm Paradigm publicly announced their joint project Tempo, a so-called Layer-1 blockchain built around stablecoins, or cryptocurrencies typically pegged to the U.S. dollar.

Layer-1 blockchains like Bitcoin or Ethereum are more demanding to build and operate than “Layer 2s,” which sit atop other blockchains. Tempo is among a new crop of layer-1 projects dedicated to stablecoins, along with Circle’s Arc and Tether’s Plasma and Stable.

The long-rumored blockchain comes amid a crypto boom. The Trump administration’s embrace of the sector and Congress’s passage of a stablecoin-focused bill in July have spurred many larger compa

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