DoorDash Partners with Stripe-Backed Blockchain to Introduce Stablecoin Payments

DoorDash, along with several fintech companies, is integrating stablecoins into its payment processes using Tempo, a Stripe-led blockchain, marking a significant step towards mainstream adoption of blockchain-based financial infrastructure. Tempo, a payments-focused blockchain developed by Stripe and venture firm Paradigm, announced that companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are now using or preparing to use stablecoin rails for parts of their payment operations. DoorDash, operating in over 40 countries with 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. 'Stablecoins have the potential to transform financial infrastructure,' said DoorDash co-founder Andy Fang. A Paradigm spokesperson did not disclose the exact timeline for the launch of stablecoin payments on DoorDash. Meanwhile, Stripe is utilizing Tempo as a core layer 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,' according to Neetika Bansal, Stripe's head of Connect and money management. The development comes as stablecoins and blockchain rails 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, processing 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, offering features like sub-second settlement, fixed fees, and private transaction channels tailored for enterprise users. To facilitate the adoption of this technology, Tempo is launching a Stablecoin Advisory service to provide hands-on support for firms looking to transition their payment flows to blockchain.