Mentioned:
Klarna has become one of the most powerful players in buy now, pay later. And they are getting into the stablecoin business next.
What’s happening:
- Klarna (NYSE: KLAR) is launching a new stablecoin known as KlarnaUSD
Why it matters:
- KlarnaUSD is being launched in partnership with Layer 1 blockchain company Tempo which was incubated by Stripe and Paradigm
Going deeper:
- Klarna has publicly stated that KlarnaUSD will operate on the Tempo blockchain and is aiming to meaningfully reduce the high fees on cross-border payments
- Tempo just recently made major waves when they raised a $500M USD Series A financing round which was led by Joshua Kushner’s Thrive Capital and Greenbacks
The fine print:
- It has not yet been publicly disclosed when KlarnaUSD will officially become available for users
