Fintech company Stripe is developing a high-performance, payments-focused Layer 1 blockchain named "Tempo" in partnership with crypto venture capital firm Paradigm. The project has been developed in stealth with a small team and is Ethereum Virtual Machine (EVM) compatible. Paradigm co-founder Matt Huang has been appointed CEO of the Tempo blockchain initiative while retaining his role at Paradigm. Meanwhile, stablecoin issuer Circle Internet Group reported its first quarterly earnings since going public, posting revenue of $658 million for Q2 2025, a 53% year-over-year increase, driven by a 90% growth in USDC stablecoin circulation, which reached $61.3 billion at the end of the quarter and accelerated to $65.2 billion by August 10, 2025. Circle reported a net loss of $482 million, mainly due to one-time IPO-related charges. The company also announced plans to launch "Arc," an open Layer 1 blockchain designed specifically for stablecoin finance, payments, foreign exchange, and capital markets applications. Arc is EVM-compatible and uses USDC as its native gas token, with a public testnet expected to launch between September and November 2025. Circle's shares rose following the strong earnings report, reflecting investor confidence in its growing stablecoin ecosystem and blockchain expansion.