DoorDash Partners with Stripe-Backed Tempo to Introduce Stablecoin Payments

DoorDash, along with several fintech companies, is integrating stablecoins into its payment processes through Tempo, a Stripe-backed blockchain, marking a significant milestone in the adoption of blockchain-based financial infrastructure. 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 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 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.' Although the exact timing of the launch 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 'fast, cheap, and borderless,' as stated by Neetika Bansal, Stripe's head of Connect and money management. With stablecoins being a $300 billion crypto asset class, Stripe, which processes nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions. The company has acquired stablecoin infrastructure firm Bridge for $1.1 billion and crypto wallet provider Privy, and has also developed a payments-focused blockchain called 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, offering features such as sub-second settlement, fixed fees, and private transaction channels. 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.