DoorDash, along with several fintech companies, is integrating stablecoins into its payment processes through Tempo, a payments-focused blockchain developed by Stripe and Paradigm. This move marks a significant step towards the adoption of blockchain-based financial infrastructure.
According to Tempo, companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are now using or preparing to use stablecoin rails for parts of their payment operations. DoorDash, which operates in over 40 countries and generated nearly $75 billion in sales for local merchants last year, is working with Tempo to introduce stablecoin-powered payouts for merchants, initially focusing on cross-border transactions where settlement speed and cost are crucial. DoorDash co-founder Andy Fang stated, 'There's real promise with stablecoins transforming financial infrastructure.' Although the exact timing of when stablecoin payments will be live at DoorDash has not been disclosed, Stripe is utilizing Tempo as a core layer for its money movement products, enabling businesses to send, receive, and hold stablecoins alongside traditional currencies. The goal is to make global payments 'fast, cheap, and borderless,' according to Neetika Bansal, Stripe's head of Connect and money management.
With stablecoins being a $300 billion crypto asset class, Stripe, which processes nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions. The company has acquired stablecoin infrastructure firm Bridge for $1.1 billion and crypto wallet provider Privy, and has developed Tempo with crypto investment firm Paradigm. Tempo, which went live last month with infrastructure partners like Mastercard, UBS, Klarna, and Visa, offers features like sub-second settlement, fixed fees, and private transaction channels designed specifically for enterprise users. To support companies in adopting this technology, Tempo is also launching a Stablecoin Advisory service to provide hands-on support for firms looking to move payment flows onchain.