Stripe has appointed Matt Huang, co-founder and managing partner of crypto venture firm Paradigm, as the chief executive officer of its.

Huang, who already sits on Stripe’s board, will retain his position at Paradigm. That’s according to , citing sources familiar with the project.

The move aligns with a growing trend of developing stablecoin-focused blockchains. These include , which recently attracted over $373 million in an oversubscribed token sale, and Tether-focused blockchain

The stablecoin sector, with a , has been growing exponentially and was further propelled by Trump’s recent 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.

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