DoorDash, along with several fintech companies, is integrating stablecoins into its payment systems using Tempo, a payments-focused blockchain developed by Stripe and Paradigm, marking a significant step towards the mainstream adoption of blockchain-based financial infrastructure. Tempo announced that 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 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. While the exact timeline for the rollout of stablecoin payments at DoorDash has not been disclosed, Stripe is utilizing Tempo as a core component 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-based payment systems 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, and developed the payments-focused blockchain Tempo in partnership with crypto investment firm Paradigm. Tempo, which went live last month with infrastructure partners like Mastercard, UBS, Klarna, and Visa, is designed specifically for payment workloads, featuring sub-second settlement, fixed fees, and private transaction channels aimed at enterprise users. To support companies in adopting the technology, Tempo is also launching a Stablecoin Advisory service to provide hands-on support for firms looking to move their payment flows to the blockchain.