Stripe-backed blockchain project Tempo has secured a significant $500 million investment in its latest funding round, signaling a substantial shift toward stablecoin infrastructure within the cryptocurrency space. Thrive Capital, run by Joshua Kushner, played a leading role in the investment alongside Greenoaks. The valuation of the startup is estimated to exceed $5 billion, with participation also from prominent firms such as Sequoia, Ribbit Capital, and SV Angel. Notably, Stripe and Paradigm, who incubated Tempo, did not participate in this latest fundraising effort. 🤯 Tempo aims to revolutionize the realm of stablecoins by establishing a settlement layer for digital currency transactions across borders. This innovative approach mirrors how existing card networks handle payments in the background. Early collaborators include renowned names such as OpenAI, Shopify, Visa, and Deutsche Bank. 🤝 Stripe’s foray into the world of stablecoins is on an impressive expansion trajectory, with recent acquisitions of Bridge ($1.1 billion) and Privy (crypto wallet startup). Bridge’s application for a trust bank charter from the US Office of the Comptroller of Currency (OCC), which would allow it to issue stablecoins under new regulations, further highlights Stripe’s commitment to the space.