In a significant move towards mainstream adoption of blockchain-based financial infrastructure, DoorDash and several fintech companies are integrating stablecoins into their live payment systems through Tempo, a payments-focused blockchain developed by Stripe and Paradigm. According to a recent blog post by Tempo, companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are either currently using or preparing to use stablecoin rails for parts of their payment operations.
DoorDash, which operates in over 40 countries and facilitated nearly $75 billion in sales for local merchants last year, is working with Tempo to introduce stablecoin-powered payouts for merchants. This rollout will initially focus on cross-border transactions where settlement speed and cost are crucial. DoorDash co-founder Andy Fang expressed his enthusiasm for the potential of stablecoins to transform financial infrastructure.
Although the exact timeline for the implementation of stablecoin payments at DoorDash has not been disclosed, the move is part of a larger trend of stablecoins and blockchain technology becoming increasingly integral to global money flows. With a value of $300 billion, stablecoins offer a cheaper and faster alternative to traditional banking rails for cross-border transactions.
Stripe, a global payments firm that processes nearly $2 trillion in annual payments, has been actively investing in blockchain and stablecoins. The company's ambitions include making global payments 'fast, cheap, and borderless' through the use of Tempo as a core layer for its money movement products. This allows businesses to send, receive, and hold stablecoins alongside traditional currencies.
Tempo has also launched a Stablecoin Advisory service to provide hands-on support for firms looking to adopt the technology and move their payment flows on-chain.