Food delivery giant DoorDash has teamed up with payments heavyweight Stripe, Coastal Bank, and Latin American fintech ARQ to pilot the migration of some payment operations to a stablecoin-powered blockchain system. With an annual transaction volume of roughly $75 billion, DoorDash's move marks a significant step toward mainstream adoption of stablecoin payments.
Stripe leads with near $2T annual volume
Neetika Bansal, who heads Stripe's money transfer products, said the goal is to make international payments "fast, affordable, and borderless." Stripe processes nearly $2 trillion in transactions annually. Last year, it bolstered its blockchain playbook by acquiring stablecoin infrastructure firm Bridge for $1.1 billion and digital wallet provider Privy. Partners like ARQ see the infrastructure as a way to lower transaction costs and gain a competitive edge in cross-border remittances.
Tempo blockchain: built for payments
Developed by Stripe and Paradigm, Tempo went live last month and offers instant on-chain transfers, fixed fees, and enterprise-grade privacy channels. Major payment players including Mastercard, UBS, Klarna, and Visa have joined as core infrastructure partners. Unlike general-purpose blockchains, Tempo is purpose-built for payments and money transfers.
DoorDash co-founder Andy Fang highlighted the transformative potential of stablecoin technology for financial infrastructure. Initially, DoorDash will deploy stablecoin payments for cross-border transfers that require speed and cost efficiency. However, Paradigm representatives noted that the official launch date has not been finalized.
Stablecoin market cap above $300B, Tempo launches advisory service
The total market capitalization of stablecoins has surpassed $300 billion, making them one of the most prominent asset classes in crypto. Pegged to fiat currencies, they offer faster and cheaper cross-border transfers than traditional banking channels.
Tempo also introduced a Stablecoin Advisory Service to help companies transition to blockchain-based payments, providing technical and operational support. Stripe representatives predicted that stablecoin and blockchain payment systems will become increasingly mainstream, with global integration accelerating in the years ahead.