DoorDash, along with several fintech companies, is integrating stablecoins into its live payment processes through Tempo, a payments-focused blockchain developed by Stripe and Paradigm. This move signals the growing adoption of blockchain-based financial infrastructure. Tempo announced that 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.
According to DoorDash co-founder Andy Fang, 'stablecoins have the potential to transform financial infrastructure.' A Paradigm spokesperson did not disclose the exact timeline for when stablecoin payments will be available on DoorDash. Meanwhile, Stripe is utilizing Tempo as a core layer for its money movement products, enabling businesses to send, receive, and hold stablecoins alongside traditional currencies, with the goal of making global payments 'fast, cheap, and borderless.' The development comes as stablecoins and blockchain rails are increasingly becoming part of global money flows, with stablecoins being a $300 billion crypto asset class offering a cheaper and faster alternative to traditional banking rails for cross-border transactions.
Stripe, which processes nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions, having acquired stablecoin infrastructure firm Bridge for $1.1 billion and crypto wallet provider Privy. The company has also partnered with crypto investment firm Paradigm to develop Tempo, a payments-focused blockchain designed for enterprise users, which went live last month with infrastructure partners like Mastercard, UBS, Klarna, and Visa. To support companies in adopting the technology, Tempo is launching a Stablecoin Advisory service to provide hands-on support for firms looking to move their payment flows to the blockchain.