DoorDash Partners with Stripe-Backed Tempo to Introduce Stablecoin Payments

DoorDash, along with several fintech companies, is integrating stablecoins into its payment operations through Tempo, a Stripe-led blockchain, marking a significant step towards the adoption of blockchain-based financial infrastructure. Tempo, a payments-focused blockchain developed by Stripe and Paradigm, has announced that companies such as DoorDash, Stripe, Coastal Bank, and ARQ are now using or preparing to use stablecoin rails for their payment operations. DoorDash, operating in over 40 countries with 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.' While the exact timeline for the implementation of stablecoin payments 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, 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, processing nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions, acquiring stablecoin infrastructure firm Bridge for $1.1 billion in 2024 and crypto wallet provider Privy. The company has also partnered with crypto investment firm Paradigm to develop Tempo, a payments-focused blockchain that went live last month with infrastructure partners like Mastercard, UBS, Klarna, and Visa, featuring sub-second settlement, fixed fees, and private transaction channels designed for enterprise users. To support companies in adopting the technology, Tempo is launching a Stablecoin Advisory service, offering hands-on support for firms looking to move their payment flows onchain.