DoorDash and several fintech companies are integrating stablecoins into their payment systems through Tempo, a blockchain platform developed by Stripe and Paradigm, marking a significant step towards mainstream adoption of blockchain-based finance. Tempo has announced that companies such as DoorDash, Stripe, Coastal Bank, and ARQ are now using or preparing to use stablecoin-based payment systems. DoorDash, which operates in over 40 countries and generated nearly $75 billion in sales for local merchants last year, is working with Tempo to launch stablecoin-powered payouts for merchants, initially focusing on cross-border transactions where settlement speed and costs are crucial.
According to DoorDash co-founder Andy Fang, stablecoins have the potential to transform financial infrastructure. While the exact timeline for the rollout of stablecoin payments at DoorDash has not been disclosed, Stripe is utilizing Tempo as a core component of its money movement products, enabling businesses to send, receive, and hold stablecoins alongside traditional currencies, with the goal of making global payments faster, cheaper, and more efficient. This development is part of a larger trend, with stablecoins and blockchain technology increasingly becoming integral to global money flows. As a $300 billion crypto asset class, stablecoins offer a cheaper and faster alternative to traditional banking systems for cross-border transactions.
Stripe, which processes nearly $2 trillion in annual payments, has made blockchain and stablecoins a key part of its strategy, having acquired stablecoin infrastructure firm Bridge and crypto wallet provider Privy, and developed the Tempo blockchain in partnership with Paradigm. Tempo has also launched a Stablecoin Advisory service to support companies in adopting the technology.