Tempo Stablecoin Market Cap Skyrockets by $450 Million in Single Week
Tempo, a Layer 1 blockchain developed by Stripe and Paradigm, has seen a significant surge in stablecoin market cap growth. According to DefiLlama data, Tempo's aggregate stablecoin market cap increased approximately $450 million, or 161%, in a single week, bringing the total stablecoin supply on the chain to around $729 million.
The catalyst for this growth was Open USD (OUSD), a stablecoin that launched on Tempo on September 30. With a market cap of approximately $471.72 million, OUSD represents roughly 64.7% of Tempo's total stablecoin market cap.
OUSD was designed with institutional users in mind and holds its reserves at reputable institutions such as BlackRock, Lead Bank, and BNY Mellon. It charges zero fees to mint or redeem and has no volume caps, making it an attractive option for large-scale transactions.