DoorDash, along with several fintech companies, is integrating stablecoins into its payment systems using Tempo, a Stripe-backed blockchain, marking a significant step towards mainstream adoption of blockchain-based finance. Tempo, a payments-focused blockchain developed by Stripe and Paradigm, has announced that companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are now using or preparing to use stablecoin-based 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 speed and cost are crucial.
According to DoorDash co-founder Andy Fang, 'stablecoins have the potential to transform financial infrastructure.' Although 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,' as stated by Neetika Bansal, Stripe's head of Connect and money management. The development comes as stablecoins and blockchain-based payment systems are increasingly becoming integral to global money flows, with stablecoins being a $300 billion crypto asset class offering 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 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. To facilitate the adoption of this technology, Tempo is launching a Stablecoin Advisory service to provide hands-on support for companies looking to transition their payment flows to blockchain.