DoorDash, along with several fintech companies, is integrating stablecoins into its payment processes using Tempo, a payments-focused blockchain developed by Stripe and Paradigm, marking a significant step towards mainstream adoption of blockchain-based financial infrastructure. Tempo announced that companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are now using or preparing to use stablecoin-based payment systems. DoorDash, operating in over 40 countries with 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 cost are crucial.
DoorDash co-founder Andy Fang expressed enthusiasm about the potential of stablecoins 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 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 systems for cross-border transactions. Stripe, processing nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions, having acquired stablecoin infrastructure firm Bridge and crypto wallet provider Privy, and developed Tempo with crypto investment firm Paradigm. Tempo, designed specifically for payment workloads, features sub-second settlement, fixed fees, and private transaction channels, and has launched a Stablecoin Advisory service to support companies adopting the technology.