DoorDash, along with several fintech companies, is integrating stablecoins into its payment processes using Tempo, a payments-focused blockchain developed by Stripe and Paradigm. This move marks a significant step towards the adoption of blockchain-based financial systems. Tempo has announced that companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are either already using or preparing to use stablecoin rails for 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 implement stablecoin-powered payouts for its 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. 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. The goal is to make global payments faster, cheaper, and more efficient. With stablecoins becoming an increasingly important part of global money flows, valued at over $300 billion, Stripe has made significant investments in blockchain and stablecoins.
The company has acquired stablecoin infrastructure firm Bridge and crypto wallet provider Privy, and has partnered with Paradigm to develop Tempo, a payments-focused blockchain designed for enterprise users. Tempo has also launched a Stablecoin Advisory service to support companies in adopting stablecoin technology.