Stripe’s crypto head leaves firm for Polygon amid Tempo blockchain build-up

Core Insights - John Egan, head of crypto at Stripe, has left the company to become the first chief product officer at Polygon Labs, focusing on enhancing Polygon's stablecoin payments capabilities [1][2] - Egan's departure comes as Stripe prepares to launch its Tempo blockchain, which will compete directly with Polygon in the stablecoin payments sector [2][4] - The crypto industry is experiencing significant momentum, particularly in stablecoin payments, following regulatory support from the Trump administration [3] Company Developments - Egan's role at Polygon Labs will involve increasing adoption, scalability, and interoperability of its blockchain for stablecoin payments [1] - Stripe's Tempo, unveiled on September 4, is designed specifically for stablecoin payments and is incubated by Stripe and Paradigm, operating as a standalone entity [4] - Polygon has seen a resurgence in stablecoin payments, with a nearly 40% increase in monthly peer-to-peer stablecoin transaction volume since the beginning of the year [5] Market Context - The stablecoin market is expanding, with major banks like Bank of America, JPMorgan Chase, and Wells Fargo exploring their own stablecoin initiatives [4] - Polygon currently has almost $3 billion in stablecoins, nearing its record high, indicating strong market interest and activity [6] - Egan's previous experience includes significant roles at Stripe, where he was instrumental in blockchain integration and led major acquisitions, including a $1.1 billion purchase of Bridge [7][8]