Launch your own stablecoin, agentic commerce tools, and more

Please welcome Stripe President of Technology and Business Will Gabri.

Good morning and welcome to Stripe Tour.

So, we've got a great day planned and we'll start by sharing what's new with Stripe and giving you a sneak peek at what's at what's coming next. So, you

may know that our mission is to grow the GDP of the internet. And that may sound a bit abstract, but what it really means is that we want to help all of you grow your businesses to help you take advantage of all the opportunities that

global commerce on the internet affords.

And today, with the advent of AI and stable coins, commerce on the internet is changing faster than it has in a generation. And we are urgently focused

generation. And we are urgently focused on helping you channel all these new opportunities to fuel your growth. Now,

on the note of growth, in aggregate, last year, businesses on Stripe had an extraordinary year. In 2024, revenues

extraordinary year. In 2024, revenues from businesses built on Stripe grew seven times faster than the combined revenues of the S&P 500. So, Stripe is empirically the home to the world's

fastest growing companies. In total,

businesses built on Stripe process just over $1.4 trillion. This works out to about 1.3% of global global GDP. And

here in the US, there are over 2 million businesses actively using Stripe. In

fact, over 350,000 of which are right here in New York City. Now, it can be hard to reason about a number like 2 million. So, I'll just add that that's

million. So, I'll just add that that's roughly 6% of all US businesses. And

it's an exceptional 6%. It includes half of the Fortune 100, 80% of the Forbes Cloud 100, and 78% of the Forbes AI50,

which is in fact all of the AI50 that accept payments online.

And for all of these businesses and every one of you here in this room, we want Stripe to be both the fastest improving infrastructure and the most reliable infrastructure that you build

on. Now, a cool stat from last year, we

on. Now, a cool stat from last year, we deployed 1,145 pull requests per day on average. So,

we're shipping improvements to Stripe almost literally every single minute.

And while we're doing this, we maintained 99.99986% uptime across our critical APIs. And

that amounts to about 44 seconds of unavailability across our critical APIs throughout the whole year. So we're

deploying every minute but less than a minute of downtime in the whole year.

Now I mentioned that the internet economy is changing. So let's get specific about that. And I'm talking of course about the twin revolutions in money and intelligence. You know crypto and especially stable coins on the one

hand and AI on the other.

Stable coins are reaching enormous scale. The total value of stable coins

scale. The total value of stable coins in circulation has now surpassed 10% of the total value of paper dollars. That's

up from just 5% two years ago. And they

are a powerful powerful lever for growth and efficiency, especially for businesses with a global footprint.

AI is rapidly giving rise to new modes of commerce on the internet. You know,

like it or not, agents will soon be swarming all of our sites. You know, in fact, they already are. They're taking

actions on behalf of shoppers, developers researchers operators and really everyone. So, this means new

really everyone. So, this means new channels for growth and also the need for new economic infrastructure native to the AI era and new tools to help us

understand and optimize how AI is affecting your businesses. You know, in fact, we got over excited and shared some news on this front yesterday. We

announced that we've teamed up with OpenAI to enable commerce directly within Chat GPT. So, let's try it out.

All [Applause] right. So, here we are in chat GPT and

right. So, here we are in chat GPT and I'll do this with voice so I don't mistype.

So, Halloween is coming up in a few weeks and I want to buy my daughter a Halloween costume. She's three. She

Halloween costume. She's three. She

loves the color purple and I don't want it to be just some run-of-the-mill costume. I want it to be, you know,

costume. I want it to be, you know, handcrafted and special. My budget is $80.

All right. So, model is thinking. Let's

see what it's got.

Okay. Fun project.

Okay. But I want to buy something. Here

we go. All right. So, a couple couple options from Etsy here. I like this dragon. It's purple.

dragon. It's purple.

Which? Okay.

So, I like these, but I really want to buy something that I know she'll love.

She loves owls. Do you have any purple owl costumes I can buy?

Purple costumes are a thing.

So, this is helpful feedback, but I like to buy a purple owl costume. Do you have any?

All right, here we go. Oh, that one is special.

Okay. Oh,

there we go. I like this one from Etsy.

It's perfect. And here you can see an option to buy right there on the page without leaving chat GPT. She is three.

So let's try buying it.

Pay Etsy.

Okay. And so now chat GPT is not actually processing the transaction.

It's calling out to Stripe to create a programmable token. And you notice here

programmable token. And you notice here that my payment credential is already here because I pay for chat GPT pro with link. So I didn't have to enter

link. So I didn't have to enter anything. uh in the background uh chatd

anything. uh in the background uh chatd is sending that token to Etsy. It used

to process the transaction. There we

are. We finished ever leaving Chhat.

So it's early days but you know I'm pretty bullish on that uh that mode of interaction. So across crypto, stable

interaction. So across crypto, stable coins and AI, Stripe's role is to pull frontier technology out of the experimental phase and put it right in your hands to use right away.

So today we're going to share a lot of new products and features we're launching in payments, revenue, connect, and money management. And we'll close by taking a look at massive opportunities that lie ahead in crypto and stable

coins. Now, as we share what we've been

coins. Now, as we share what we've been cooking up, a quick note on architecture. You know, Stripe is

architecture. You know, Stripe is building programmable financial services designed to be seamlessly interoperable with each other, but also modular. You

know, we want Stripe to be a platform that coheres with craft and beauty across our dozens of products. And at

the same time, we are devoutly committed to supporting all of you with your existing setups. You know, many of you

existing setups. You know, many of you are betting on the entire Stripe stack, using Stripe for payments, billing, fraud, tax, global money movement, and a whole lot more. And you're finding that

it's really powerful and elegant to have everything running on a unified modern infrastructure. but others are using

infrastructure. but others are using Stripe alongside a host of other providers. We want that to be an

providers. We want that to be an outstanding experience, too. Either way,

we are relentlessly determined to helping you accelerate your growth. And

so, in that light, here's Kevin to share what's new in payments.

[Music] Thanks, Will. And good morning,

Thanks, Will. And good morning, everyone. And yes, let's just get

everyone. And yes, let's just get started right into payments. Now, we

hear from all of you that you are facing an unprecedented pace of change. Apple

no longer requires in-app iOS payments.

What do you do? Consumers are buying through chat GPT. How do you meet them there? Staying ahead is hard, but

there? Staying ahead is hard, but capitalizing on all of it is even harder. Today, we're going to share how

harder. Today, we're going to share how we're helping you in three key areas.

The first, enhancing your checkout for each customer, boosting conversion across devices and markets. The second,

using AI to fight fraud. and the third helping to get ready for a new buyer, AI agents. Let's get started with your

agents. Let's get started with your customers and let's pick one in, say, Japan that's just landed on your checkout page. And initially, they're

checkout page. And initially, they're happy because with Stripe, you've adapted your checkout form to feel natively Japanese from the language to the address format. But there's a big

problem. The price is still in US

problem. The price is still in US dollars. Your customer doesn't know how

dollars. Your customer doesn't know how much your product costs and your checkout can't offer payment methods only available in the yen and so the whole sale falls apart. The customer's

gone.

This happens millions of times a day across the internet and it crushes your conversion. Your customer might think

conversion. Your customer might think that displaying prices in their local currency is just table stakes, but you all know how complex it is to do. You've

got to factor in constantly fluctuating foreign exchange rates, manage your currency exposure, and build out logic to offer payment methods that can be used with a given currency. This isn't

about building it once. It means you need a whole team constantly working on it. Stripe's optimized checkout suite is

it. Stripe's optimized checkout suite is tailorade for exactly this kind of challenge. We can solve things like

challenge. We can solve things like price localization for you. And we call this feature adaptive pricing. You can

turn it on in a click, pay no fees whatsoever, your price is localized globally, and Stripe handles all the complexity on the back end, and it's

astonishingly lucrative. Users of

astonishingly lucrative. Users of adaptive pricing see a 17.8% average uplift in crossber revenue. And today,

we are making this feature available through Stripe Connect, so platform businesses can pass it on to their customers.

Adaptive pricing is one of hundreds of optimizations that we're constantly building into the optimized checkout suite, which brings together checkout surfaces, both hosted and embeddible,

with over a 100 payment methods. Leading

brands like Atlassian, Ford, Figma, and URBN build their checkouts with our optimized checkout suite because they get access to hundreds of Stripe engineers, boosting their conversion

rates daily with global optimizations that even the most sophisticated enterprises don't have the resources to build in-house.

But I haven't yet told you about the perhaps the most powerful part of the optimized checkout suite. That is link.

Every time a customer lands on your checkout page, you are in a race with their impatience. And we built Link to

their impatience. And we built Link to ensure that you win that race. It's a

consumer wallet for faster checkouts.

And it has over 200 million users around the world. Your customers save their

the world. Your customers save their payment details to link and check out in a click across all of your sites. And

for many of you, it's become the payment method your customers prefer most. This

is especially true in the AI space. 58%

of Lovable's volume on Stripe, for example, runs through Link. And we all know your customers are gravitating to new ways to pay, particularly with buy

now, pay later methods. And BNPL's

themselves can boost conversion. But for

new users, trying a BNPL for the first time, having to sign up on the spot at checkout can also kill conversion. So

over the last year, we started working with CLA to build the most frictionless BNPL experience on the internet with link. And what's magical about this is

link. And what's magical about this is customers get their details pre-filled.

So even firsttime Clara users can now check out in seconds.

True to form, adding link in your checkout takes just a click.

In online payments and checkouts, every second can eat into conversion rates.

But in apps, conversion is humming along. Apple's inapp payments convert at

along. Apple's inapp payments convert at incredibly high rates, sometimes two to three times that of mobile web checkouts. And so, mobile business is

checkouts. And so, mobile business is booming. As a result, app store

booming. As a result, app store monetization is projected to hit $270 billion next year. But this commercial opportunity comes at a price because

Apple's fees for inapp payments have historically been up to 30%. And for the first time this year, you have a choice.

You can now route your app users to your website for payments without paying Apple fees. But should you? It's

Apple fees. But should you? It's

actually not an easy choice because let's be clear, in exchange for those fees, Apple has been doing a lot of heavy lifting for you. Acting as

merchant of record, they've been managing global payments, taxes, fraud, disputes, and even customer support. All

of the unglamorous but really critical stuff. And many of you might prefer to

stuff. And many of you might prefer to be your own merchant of record, but for some of you, processing payments off of Amazon will require a new solution. And

we're building that new solution. With

Stripe managed payments, Stripe will serve as your merchant of record to handle payments, global tax, fraud, and dispute complexity.

So, if you're moving off of Apple as your merchant of record, you'll now be able to use Stripe instead. And that

brings us to your next big challenge.

How do you maintain conversion when the payment flow takes your app takes your customer out of your app? There just

hasn't been a high converting way to do that that isn't native to the app. So,

you've had to take a massive hit to conversion in order to get that lower cost. Well, we've been working to match

cost. Well, we've been working to match the conversion of inapp payments. And

here's Roshan to show us how appto web payments should work.

All right, let's take a look. So, first

I want to show you just how easy it was to build this app. Now, when we first made this app, we added a single line of code. You can see it right here. We set

code. You can see it right here. We set

manage payments to true when creating the checkout session. That one change, yes, just adding that one parameter turns on Stripe manage payments. With

manage payments, Stripe replicates all of the heavy lifting that Apple used to do for you. So now let's see what it looks like for my customer here in the Aura app which is a fictitious streaming

app that we built for this demo. Now

this is running on a real iPhone and it's a native iOS app. You can see they offer a bunch of different plans. Let's

buy the premium plan. So normally we'd see an inapp payment page, but here I'm taken to a Stripe checkout page. It's

fast, localized, customizable with your branding, supports promo codes, and more. Let's go ahead and check out. I'll

more. Let's go ahead and check out. I'll

pay with my saved card. Don't blink. The

transaction will complete. And you'll

notice that I'm brought back into Aura's native iOS app. So, this feels similar to Apple's inapp payments, only much, much cheaper.

And over in the Stripe dashboard, let me refresh here to take a look at our latest transaction.

We'll see that for the transaction that just came in, Stripe has processed the payment, applied taxes, run fraud checks, and logged dispute coverage.

everything you previously got. But

here's the difference. You have the choice. Stripe can act as your merchant

choice. Stripe can act as your merchant of record or you can do it yourself and still give customers that same checkout experience. Back to you, Kevin.

experience. Back to you, Kevin.

Thanks Roshan.

[Applause] This completely changes the economics of selling in apps. Superwall, a paywall provider, saw a 2x increase in trial

conversion rates and saved up to 90% on fees by switching to Stripe. 90%.

We've also just launched this new flow with Voodoo, Replet, and now even Hinge.

And let's just say the early results have them swiping right.

So that's how you can capture cost savings while maintaining conversion by bringing together our new appto-b flow with stripe manage payments. And it's

important to note stripe manage payments is not just for app payments. It's also

extremely useful for global expansion, helping you handle taxes in Denmark, manage disputes in Hong Kong, and keep on the right side of commerce regulations in Singapore. It gives you

everything you need to launch and enter new markets, even if you don't have a local entity. Managed payments is great

local entity. Managed payments is great for those of you who don't want to think about payments at all. But I know a lot of you are payments nerds like us who

want to lean in with exacting control.

And you folks are likely using multiple processors and optimizing among them.

That's why we fundamentally architect our products to be processor agnostic, including our optimized checkout suite, because your focus is on growing your business, not locking you into Stripe

for pro payments processing. And this

and the further we've gone down this path, the more we've learned about the opportunity to help you manage your multiprocessor setups. And that's why

multiprocessor setups. And that's why earlier this year, we launched Stripe orchestration. It's used by businesses

orchestration. It's used by businesses like Twilio to manage and optimize their payment setup across multiple processors right inside Stripe. And today, it's

getting even more powerful. We're adding

the ability to instantly retry transactions. So if a transaction fails

transactions. So if a transaction fails on one processor, you can instantly process it on another. So those are good examples of how we're helping you drive

conversion and performance. And now to share how we're better applying AI to protect you from fraud, here's Stripe's head of AI, Emily.

[Music] Thanks, Kevin. Over the last few years,

Thanks, Kevin. Over the last few years, fraudsters have industrialized with armies of bots all working tirelessly to steal from your business. So, the fight

back demands a proportional response.

Earlier this year, we announced the world's first payments foundation model.

Trained on tens of billions of transactions, it surfaces subtle signals that only a very large model can catch.

And that's the scale we're now bringing to bear on fighting fraud. Take card

testing attacks, which have surged in recent years. We successfully cut them

recent years. We successfully cut them by 80% for businesses on Stripe. But

card testing remained a thorn for some of our largest customers whose massive volumes card testers loved to hide out in until we deployed the payments

foundation model. Overnight, our

foundation model. Overnight, our detection rate for attacks on large users jumped from 59% to 97%.

This is a step change in performance.

With the payments foundation model, we can now deploy our vast data to its fullest.

Transaction fraud is just one piece of the puzzle. Nearly half of businesses

the puzzle. Nearly half of businesses say their biggest fraud challenge is friendly fraud, like policy, refund, free trial abuse. You tell us this is

some of the most expensive fraud you face and also the hardest to spot.

The pains here are particularly acute for businesses with high marginal costs like retailers and increasingly AI companies.

Take free trial abuse. By stringing

together free trials, bad actors rack up high compute costs without paying a dime. In fact, this kind of abuse has

dime. In fact, this kind of abuse has gotten so costly for AI businesses that many of them have opted out of free trials altogether. protecting their

trials altogether. protecting their business, sure, but in doing so, cutting off meaningful growth. So, today we're excited to share that we're expanding Radar, our fraud prevention product, to

cover your full funnel, starting with free trial abuse.

We're also expanding Radar to cover more transactions. With Radar, you can now

transactions. With Radar, you can now get risk scores on transactions processed offstripe. Door Dash turned it

processed offstripe. Door Dash turned it on and saw a 10% reduction in chargeback costs. And we've taken radar beyond

costs. And we've taken radar beyond cards. It's already live for AC, SEPA,

cards. It's already live for AC, SEPA, and CLA with seven more payment methods coming by the end of the year.

Today, we're also making Radar more responsive to the specifics of your business and the fraud you're facing. If

you're a business with high marginal cost, so a lower risk tolerance, you can now customize your risk preferences and let our AI continuously optimize to deliver those results.

We're also introducing dynamic risk thresholds. So when a new fraud attack

thresholds. So when a new fraud attack occurs, Radar adapts instantly, keeping good revenue flowing in normal times and then aggressively blocking bad revenue during active attacks without you

lifting a finger.

And we've launched adaptive soft interventions like adaptive 3DS, which applies authentication selectively instead of blocking outright. US users

saw a 30% average drop in fraud with adaptive 3DS. All with a single click in

adaptive 3DS. All with a single click in the dashboard.

These are just some of the new features we've added to Radar, applying AI and the scale of the Stripe network to protect your business from fast emerging fraud vectors. Now, back to Kevin to

fraud vectors. Now, back to Kevin to tell you about a whole new category of customer, AI agents.

[Music] Thanks, Emily. Now, I've already talked

Thanks, Emily. Now, I've already talked plenty about the investments that we're all making together in crafting great experiences for your customers. But that

relationship between you and your customers is at risk of being intermediated. Your customers online

intermediated. Your customers online behavior is changing rapidly. They're

running more of their lives through AI tools like ChatGpt. They're instructing

AI agents to act on their behalf across the internet. And they expect your

the internet. And they expect your business to meet them where they are. So

whether you're selling consumer goods or B2B SAS, you need to make your site compatible with a Gentic transactions like the one Will showed us earlier where your customer initiates a purchase

in an AI interface and then an AI agent relays to your businesses to complete the purchase. But participating in

the purchase. But participating in Agentic Commerce comes with all kinds of new challenges for businesses. How will

you distinguish between well-meaning agents and malicious bots? How will you ensure your brand and products are showing up to customers the way you want them to? And how will you avoid the

them to? And how will you avoid the perpetual overhead of custom integrations with a growing number of AI agents?

We've been working with OpenAI to develop new primitives to make it as seamless as possible for you to make AI agents your fastest growing distribution channel. It's early days, but we're

channel. It's early days, but we're excited to share some of the first steps we're taking here and preview some of our roadmap. Yesterday, we announced the

our roadmap. Yesterday, we announced the Agentic Commerce Protocol, an open standard for Agentic Checkouts that we co-developed with OpenAI. This protocol

gives you a single way to sell through any compatible AI platform, surfacing your products, pricing, and checkout flows in a format agents can use. As you

saw earlier, Chad GPT users can now make purchases directly through the app.

Behind the scenes, Stripe powers these transactions using shared payment tokens, our new payment primitive for AIE commerce. AI platforms can use these

AIE commerce. AI platforms can use these tokens to securely package your customers payment credentials and associated risk signals and pass them to you. Each tokenized transaction can be

you. Each tokenized transaction can be scored in real time by Stripe Radar, works with more than 125 payment methods, and can be processed both on or

off Stripe.

But we're not stopping there. As we

build out the ACP spec, first and foremost, we're keeping your ability to control your brand and product distribution front and center. This is

just the beginning. To ensure our solutions work against realworld complexity, we're working with more AI platforms like Microsoft Copilot and Perplexity,

e-commerce platforms like Salesforce and Squarespace and to help businesses of any size launch in this new channel as fast as possible. We're partnering with

possible. We're partnering with integration partners like PWC, Slalom, and many, many more. And we invite all of you to join us in building this new

ecosystem together.

That's it for payments. You've heard how we can help you optimize conversion with link and the optimized checkout suite.

Save on inapp payment costs. Manage

multiple processors with Stripe orchestration. Protect your business

orchestration. Protect your business from new fraud vectors and prepare for agent buyers. Now, the electricity in

agent buyers. Now, the electricity in this room has been building up so much that I'm just going to have a quick lightning round of things that we didn't even have time for.

We just launched our latest Stripe design smart reader.

Authorization boost now also cuts your costs by up to 2.8%.

Starting next week, you can accept recurring stable coin payments.

And we even gave you your own AI assistant in the Stripe dashboard. And

there's even more you can read about in our blog post this morning. All of this is to help you grow by adapting to today's fastch changing payments and commerce landscape. And next, I'm

commerce landscape. And next, I'm excited to bring together the companies behind yesterday's big news. So to talk about conducting commerce inside chat GPT, please welcome Michelle Fraden,

head of product chat GPT from OpenAI, Retesh Ramchandani, VP of business development at Etsy, and Rohit Mishra, director of payments at Shopify, along

with Will back to the stage.

[Music] So, welcome guys. Thank you for being here.

welcome guys. Thank you for being here.

Thank you for having us.

Of course. And Michelle, congrats. Big

news yesterday. Michelle is the mastermind behind all the chat commerce stuff.

Teamwork with everyone here.

Yeah. Uh so you all are always very busy over at OpenAI and uh you know I know from uh a lot of our partnership it was more than a little bit of work on the

chat side to stand up commerce. Uh

what's the vision like what's the end goal here?

Great question. Thank you for having me Will and to Retach and Roit. Um the core vision we have for Chat GBT is being an AI super assistant that does more than

give you information. So, it's also helping you get things done in your world. And one of the things that we all

world. And one of the things that we all do a lot is buy things. Whether it's the weekly restock or your daughter's Halloween costume or I have to think

about how to get, you know, Christmas and Hanukkah presents for 20 people every December. So, that's a huge part

every December. So, that's a huge part of our life. And what we wanted to do is better serve all the traffic and interest that we get in chatbt in

commercial queries. So we see a lot of

commercial queries. So we see a lot of users constantly coming to us and asking questions asking for how they can find different ideas or products and we

wanted to make it very easy for merchants and developers to convert those conversations into checkouts. So

that's our fundamental goal is making it easier for users to find what they need and for merchants and developers to be able to connect with those customers in a way that uses all their existing systems and allows them to keep the

customer relationship that they worked so hard for and want to continue.

Well retract uh our rehearsals that owl costumes are probably trending on Etsy right now.

Thank you for that.

Yeah, of course. Um, uh, but Etsy is home to so many unique and creative sellers, and I imagine like search and discovery is something that's top of mind for you as you're building your

products. What does it mean to your

products. What does it mean to your sellers to sort of empower AI agents to find products and buy them?

Yeah, that's a great question. I think,

let me take a step back and say, I think the bigger picture that we're working towards is that in an AIdriven world, the creativity of our sellers isn't lost. uh it's actually given the

lost. uh it's actually given the spotlight more often for more buyers in more moments of life that matter. Uh and

at Etsy, we're a global marketplace that brings together 5 million creative entrepreneurs, mostly women, uh and single single businesses, businesses of one, and connects them with 90 million

buyers globally who are looking for something special. And our 5 million

something special. And our 5 million sellers, they rely on us to shine a spotlight on their one-of-a-kind inventory. And at Etsy, we have a

inventory. And at Etsy, we have a catalog of over 120 million items for sale. uh and it's actually our longtail

sale. uh and it's actually our longtail inventory is uniquely suited for genai driven discovery. Now open AI and chat

driven discovery. Now open AI and chat GPT not only have they normalized conversational search but their models have brought together the ability to understand both item level context and

buyer level context so buyer preferences. So we think for Etsy, the

preferences. So we think for Etsy, the depth and breadth of our inventory is well positioned to be relevant uh for commercial queries in this context and deliver a meaningful purchase that is

special and personal to each user.

So Roit, we've been working together and partnering for for a long time. Um and

Shopify is, you know, the mission to create better commerce experiences for everyone. uh you have been leaning in

everyone. uh you have been leaning in here and very bullish from you know the the day that Michelle hatched this idea.

Uh how do you see um Agentic Commerce sort of improving experiences on Shopify? What are you hearing from your

Shopify? What are you hearing from your merchants?

Yeah, so uh first of all like with Shopify we see our main responsibility as making sure that our merchants are prepared to sell at every channel, every

surface that comes up. And with the incredible work that the team at OpenAI has done over the last few years uh is clear that about we already see so much referral traffic now and steadily

increasing um month over month and so we were super excited when Michelle and team came up with the opportunity of how we can bring native commerce to uh to open AI and charge GPT. Um what what

we're hearing from merchants is uh they're really excited about the way we have built this together because uh what our merchants really care about is that direct customer relationship is about

finding more visibility on on new surfaces uh which are you know less less biased to just by the size of the merchant uh as well as um making sure

that their downstream systems can just work as they have planned and and and I think what we have together been able to build together with uh uh with Stripe

and OpenAI and Shopify here achieves those goals of giving our merchants increased visibility while making sure that their downstream systems and uh whether they are a small business or a very large business um across the board

they their systems can just work as expected.

You you mentioned the merchant relationship there and I know actually just from yesterday from hearing uh from a lot of uh merchants and retailers this is very top of mind. How are you all thinking about like how this changes the

merchant relationship, deepens it, you know, you know, what's the effect?

Well, I have a perspective, but as representatives of the merchants, I feel you should speak first.

Yeah, absolutely. Listen, I I think it it's clear that chat GPT is a new channel for discovery and users, 700 million weekly active users are going there every day for searches and they

happen to be uh commercial queries as well. And for us as a as a merchant here

well. And for us as a as a merchant here as Etsy, I think what's important to us, one is that users feels that they can transact with trust. And I think the open protocol that with which Open AI

and Stripe delivered delivers on that.

But it's also important for for buyers to understand that they're shopping from Etsy. So that that those trust signals

Etsy. So that that those trust signals that that you're buying from Etsy and you recognize who the sellers are, uh that that pulls through in the experience and that merchants can do what they do best, which is deliver a

great buyer experience. If you have any questions about fulfillment or per post-p purchase that responsibility belongs with us and I think the what we've designed here accomplishes that.

Yeah, I I agree with point of view like what's really important like one of the leading merchants that we have started with is Glossier. It's really important and when you are in that uh experience

within Jad GPT is clear to you that you're buying from that original brand.

uh and if you have any fulfillment issues and support issues, then you can directly speak to that brand. And from a merchant perspective, what's important to them is making sure that the way they have set up their catalog, the way they

have set up their checkout, their shipping settings, their payment settings, th those are those are fully respected in in this new surface while exposing them to a lot more buyers uh

with with high intent in their favorite uh agent app looking for product recommendations.

I think we've seen exactly as Rohit and Retesh said a lot of questions from merchants. Some merchants and sellers

merchants. Some merchants and sellers are really excited and hopeful about AI and there's also plenty of fear and I think one of the biggest fears we hear about is worried that about disintermediation

and what we've had a lot of conversations about as we developed this all in partnership and with a lot of feedback from Shopify teams from their merchants from Etsy and Etsy sellers is

that AI serves a really different purpose than a merchants's website and it reminds us of early e-commerce And I know Will that you know this very well from Stripe, but when the internet came

along, everyone was worried that stores would go away. And we learned that was not true. Stores serve a really

not true. Stores serve a really important purpose and we want to buy things online. And I think we'll see the

things online. And I think we'll see the same with AI where there's this fear, will it change websites, will it change in it's it's not they're very different purposes. If I want to go browse a lot

purposes. If I want to go browse a lot of ideas that Etsy or a Shopify seller or Glossy has curated, I want to see the creative that they have. I want to discover new things that are being written about. I need to do that on the

written about. I need to do that on the merchant site. But if I'm coming to

merchant site. But if I'm coming to chatbt saying, I have no idea where to begin. Where do I start finding this

begin. Where do I start finding this costume or this item or this product that fits a perfect need? You want to be where your customers are. And so make that as easy as possible and connect

them. And I think that's what has

them. And I think that's what has resonated with merchants and the way we designed this is it was a goal from day one to say our goal is to connect and not just intermediate. How do we build this in a way that helps merchants get

the sale and keep their customer?

Yeah. And I mean so much of the value of LLMs is uh sort of bringing together summarizing synthesizing content. You go

to pages on retail sites there's just so much there like what if you want to see a summary of the reviews things like that. So uh you know we're we're really

that. So uh you know we're we're really excited about the early experiences you all have created. Um it's very early days wide open playing field. Uh what do you all see as the biggest opportunities

here? like if this becomes a powerful

here? like if this becomes a powerful new modality of commerce, why will that be and what are the challenges we have to overcome?

Uh we have millions of merchants on Shopify and if you ask all of them what is their single most important thing holding back their businesses is how do

they find more demand more discovery and and so I think what we have been working very closely with a team at OpenAI is figuring out how we can enrich in the experience within the chat GPD app. How

we can enrich in the catalog that we that we share and how how we can over time add more and more signals. so that

the rich storytelling that merchants today do on their brands brand websites uh the right uh projection of that can also show up uh within the within the

charge GPD interface. We we're and we're really excited about this because as buyers spend more and more time and get more used to buying within these agentic surfaces uh they will look for

incrementally more signals aggregated there and that's how do we achieve that while respecting um the individuality of each brand on Shopify uh is a super exciting challenge but something that we

are very motivated to solve.

Yeah, I would I just plus one to that. I

mean at Etsy our mission is to keep commerce human. So we we feel that we

commerce human. So we we feel that we play an important role in preserving the humanity uh in e-commerce. Um and so I think what what we need to do it to optimize experience moving forward in

the discovery process is to really elevate our sellers for Shopify, their merchants, but their sellers and their stories such that you know the agents and the models can understand you know

the craftsmanship and artisal value that our sellers put into their products and so that every purchase doesn't feel transactional. It feels special.

transactional. It feels special.

I agree with both of those. I would say if it works, it's because it's useful to users and useful to merchants. It has to work for both. If it doesn't work for merchants, you don't have anything to

sell. Then you're not going to have any

sell. Then you're not going to have any buyers and vice versa. So, we're really focused on making something that works for the entire ecosystem and solves the problems that both groups of people care

about. But I'd also love to hear, well,

about. But I'd also love to hear, well, you work with a lot of merchants. What's

your take?

Well, look, I I think you guys have all said it well. Like, if this works, I think it's driving additional demand while bringing in, you know, the experience that, you know, merchants are trying to create for their consumers

into, you know, models. Like, I think you guys have done such a good job of bringing all that context in and actually helping, you know, um, consumers, chat, uh, users consume it

more easily as opposed to sort of slogging around every single page. So I

think merchants have done an incredible job of creating websites and I think there's going to be this sort of analog of you know websites for agents and the

context that models can create uh you know within surfaces like chat GPT I think can you know create powerful experiences too. Yeah. Well guys thank

experiences too. Yeah. Well guys thank you so much. Congratulations on the launch. We're grateful for the

launch. We're grateful for the partnership and you know looking forward to making this great together.

Thank you so much. We could not have done this without Stripe or Etsy or Shopify. So thank you.

Shopify. So thank you.

Thanks guys.

All right. Well, that's uh it for payments. And now next up to show you

payments. And now next up to show you what we're up to in our revenue suite, here's Tanya.

Thanks, Will. The pace at which commercial models are changing is extraordinary. We just heard about

extraordinary. We just heard about agenda commerce, but there's a lot more a foot. Customers are demanding new ways

a foot. Customers are demanding new ways to pay based on usage outcomes and more.

And many of you are now embedding AI in your products, which has material and dynamic underlying inference costs. So

adapting revenue and pricing fast is now a top priority for you and therefore for us. In fact, in a recent Stripe study,

us. In fact, in a recent Stripe study, 84% of you said that adapting revenue models quickly will be a key competitive advantage in the next two years. And 65%

of you say that you don't think your current models will support what you need. You need a revenue system that

need. You need a revenue system that moves at the pace of the market. And

this is exactly why we built our revenue suite. It's designed to handle

suite. It's designed to handle everything from invoicing and billing to tax compliance and financial reporting.

Now, at the heart of our revenue suite is Stripe billing, which was named a leader by both Gartner and Forester.

Over 300,000 businesses rely on it, including leading AI companies like OpenAI, Enthropic, and Midjourney, as well as large enterprises like Chub

Insurance, BMW, and Forbes.

Last year, we launched usagebased billing, and we've been continuously improving it by working alongside some of the fastest growing companies with the most complex monetization needs.

From AI natives like Perplexity and Cursor to established SAS companies launching new AI products like Figma and Intercom,

one thing we've heard working with you is just how challenging it is to implement hybrid revenue models that combine both subscription and usage based billing where customers are

allotted credits monthly, spend down those credits with product usage, and can top up as needed. You tell us a model like this is a beast to build and even harder to maintain.

Well, I'm excited to share that today's Stripe building is making it much easier to execute hybrid revenue models. Let's

take a look. Roshan,

this is Laura, a fictional AI company.

Let's look at how you can set up a premium plan like this one in the Stripe dashboard. This plan uses a recurring

dashboard. This plan uses a recurring subscription to automatically give customers monthly credits. Behind the

scenes, powering all of this, and this is new, is a rate card for usage. This

rate card handles usage metering and credit burndown. A customer could use

credit burndown. A customer could use any combination of Laura's products, and everything rolls into one simple bill.

Now, this makes things incredibly simple for the customer, but look at the complexity under the hood here. You can

see that in this case I've set custom prices for the mini output versus standard output models to account for the value provided and the underlying costs here. So no complex integration

costs here. So no complex integration required. Just set the prices and you're

required. Just set the prices and you're done. As customers use the product,

done. As customers use the product, Laura reports usage to Stripe with our usagebased billing APIs.

This gives them a realtime view of their revenue engine. I can see here the

revenue engine. I can see here the various meters that Laura has set up to track that usage. And if I take a look at one of these, the AI models, you can see that we have events streaming in in

real time.

Usage credit given to each customer is being burned down in real time, too. But

here's where the real magic happens. I'm

now looking at a customer who's used up all of their credits for the month.

Rather than having that customer churn, I can top them up automatically $10 at a time. And you can see here that we've

time. And you can see here that we've done that a few times for this customer already based on their usage. Now, this

is the kind of real time hybrid pricing model that used to take weeks. With

Stripe, it took Lovable two engineers and less than two weeks from design all the way to launch. Back to you, Tanya.

Thanks, Roshan. So, with Stripe billing, you can now set and update sophisticated hybrid pricing models right from the dashboard. Problem solved. Or is it? As

dashboard. Problem solved. Or is it? As

you acutely know, your revenue model doesn't exist in a vacuum. AI products

are subject to the strong gravitational pull of inference costs. And these costs can swing fast. Some fluctuate by 10 to

40% within just a few months. If

inference costs drop 25% and you don't lower prices, you're not competitive.

And if costs rise and you don't react, you're underwater. Right now, handling

you're underwater. Right now, handling all of this is often done manually by tracking it all across multiple providers and models at once in spreadsheets. and it's really

spreadsheets. and it's really complicated. Many of you have asked us

complicated. Many of you have asked us if we can find a better way. Well, today

I'm excited to share with you how you can automate all of this with just a couple lines of code using our new API for token billing.

All right, we've heard from you that it's really tedious to manage a constantly changing world of model provider costs. Let me show you how you

provider costs. Let me show you how you can extend the same capabilities from our demo just a minute ago, rate cards and usage based billing to do just that.

So, we're going to jump into the Stripe dashboard. This is quite new, but I

dashboard. This is quite new, but I wanted to give you a sneak peek of an experience that we're testing. Directly

in the dashboard, I can create a new token billing plan. So, we'll call this one AI meter and set a price for the service period. I can enter my own plan

service period. I can enter my own plan name, the price, and a markup on top of the underlying model cost margin. And

this is really cool. We can even change the markup per model if we want. So, in

this case, I could say that I want a 20% markup on Gemini 2.5 Pro. Now, we can give each customer credits just like we saw before. And I'll toggle this on to

saw before. And I'll toggle this on to include taxes in the prices. So, under

the hood, this creates a pricing plan and a rate card just like you saw earlier. But let's see this in action.

earlier. But let's see this in action.

So, I'm going to switch to my terminal window here. And here I'm you're looking

window here. And here I'm you're looking at an API request to Stripe's LLM proxy endpoint that I'll go ahead and fire off.

If uh this request includes uh sort of instructions for the large language model here. So, we're asking it in this

model here. So, we're asking it in this case, how many pizza vendors are in New York? And it looks like around 1,000

York? And it looks like around 1,000 to,700 if uh by its best guess, which is kind of cool. Um, but you'll notice that this endpoint returns the LLM response from the model provider. But what's more

is we're also keeping track of usage right here ba automatically based on the tokens that were consumed. We're also

automatically applying the correct price and that's all done in one API request.

So everything from here on out is just like before. As customers use your

like before. As customers use your products, Stripe automatically burns down credits based on usage and your customers get a single unified invoice.

But now when the underlying costs change, you don't have to do any additional work to keep your margins.

With our integrations with Open Router, Cloudflare, and Versell, and more on the way, you can also route through third party LLM proxies while Stripe automatically logs all of those usage

events for you. Back to you, Tanya.

Thanks, Christian. So, with two lines of code, you get multilm integration within usage based billing so that you can protect and grow your margins. We're

making this new API available in private preview today. So, that's what's new

preview today. So, that's what's new with Stripe billing. Now, let's take a spin through some updates across the rest of our revenue suite. Stripe Tax is our solution for managing global tax

compliance and it covers the entire tax cycle from monitoring, registering, collecting to filing. And it's used by startups like Linear and 11 Labs and enterprises like Squarespace and FICO.

So far, it's been available in 102 countries for businesses selling digital goods. And today, we're excited to

goods. And today, we're excited to announce that Tax will soon support physical goods in 102 countries, up from just 40. So with Stripe Tax, you can

just 40. So with Stripe Tax, you can grow globally faster while simplifying compliance.

And once you've expanded, the next question is, how do you keep optimizing your business performance? That's where

our data products come in. Stripe

creates and houses some of your most important business data. And Stripe

Sigma allows you to derive actionable insights from this vast data. You can

query with SQL or just ask in plain English with Sigma Assistant. Starting

today, that includes usage based revenue. Then you can easily visualize

revenue. Then you can easily visualize the results with custom charts. And with

Stripe data pipeline, you can export Stripe data into the warehouse of your choice. We've heard from you that you

choice. We've heard from you that you want to pick and choose the data sets you can export along with our pre-built reports. Well, now you can. Together,

reports. Well, now you can. Together,

these updates mean faster decisions, clearer insights, and a holistic view of your business. And now both products are

your business. And now both products are available as a single subscription.

So that's how our revenue suite enables you to manage your revenue cycle and grow faster. But before I wrap up, I

grow faster. But before I wrap up, I want to share one more update. And this

one's for the developers.

AI isn't only changing how our products are monetized. It's also changing how

are monetized. It's also changing how you're all building products to begin with. Platforms like Replet and Versell

with. Platforms like Replet and Versell are fast becoming where development is done. But to integrate billing and

done. But to integrate billing and payments, developers have had to step out of their flow, configuring accounts, wiring up test environments before you can start charging customers. Today,

that changes. We're now enabling AI platforms starting with Versell and Replet to embed Stripe sandboxes within their environments. Here you can see how

their environments. Here you can see how you might set up a Stripe sandbox directly inside Vzero and test a complete agent built Stripe checkout pulling forward the important parts of

your building experience before you even need to sign up for Stripe.

No context switching, just fast launches and faster revenue.

So let's wrap up. You can now monetize AI products more easily and stay on top of changing model costs. Stay tax

compliant and grow globally. Optimize

your business performance with more accessible data and build with Stripe inside AI tools.

Next, to show you what we've been building for platforms and marketplaces, here's Nitha to talk about Connect.

[Music] When people think about how to drive broad-based economic growth in the US and beyond, there's no question about

what should be at the top of their list.

It's of course vertical SAS. 60% of

small businesses in America now run on a vertical SAS platform. Thousands of

daycarees run on Brightitewheel. Over

150,000 legal practices are on Cleo. And

even large brands like New York's own kits depend on a SAS platform Shopify to run their business.

Today, more than 10 million businesses worldwide use 15,000 platforms built on Stripe Connect.

And the platforms in Connect are scaling, too. 95 of them now annually

scaling, too. 95 of them now annually process over $1 billion each.

Now, at this point, we might be wondering, why isn't everyone getting into vertical SAS? Why are our kids so set on being influencers or pro gamers

when they could be founding platform businesses?

Well, the truth is running a platform at scale may be rewarding, but it's also brutally hard. The entire model is

brutally hard. The entire model is predicated on absorbing tremendous amount of complexity and abstracting it away from your users. Now, Stripe is itself the platform on which platforms

are built and we want to do everything we can to make things even a little easier for you. So, today I want to share how we are addressing three of your top requests.

First, smarter analytics that identify blind spots and help you grow. Second,

better tools to manage risk at scale.

And third, new levers to monetize your business.

So let's start with analytics.

You've told us you need better visibility into how your platform is performing and how your users are doing and tools to take action on the spot. So

this year we launched a new set of business metrics and tools powered by AI and designed just for platforms. Rashian, give us a tour.

So right away I can see in my dashboard the topline metrics that matter most to my platform. my payments volume, revenue

my platform. my payments volume, revenue here, margin, and take rate. But the

aggregates are only so useful. I want to know what I need to pay attention to right now. For example, among my

right now. For example, among my thousands of users, I can tell that well, maybe this one seems to be having some issues here. I can also dig deeper.

If I click on the margin graph, I can see exactly what products are driving my margin. Or I can slice it by payment

margin. Or I can slice it by payment method or country.

Now, I recently enabled instant payouts on my accounts, and it looks like my users have been really excited to adopt it. This growth looks really great, too.

it. This growth looks really great, too.

Um, but it looks like Stripe has also noticed this. So, let's take a look at

noticed this. So, let's take a look at that.

9% of my accounts are already using instant payouts, but Stripe's model of similar businesses is telling me that 30% are likely to find instant payouts

valuable and adopt it. I can even get a complete list of those users if I want.

Now, this new platform dashboard also proactively surfaces issues that need my attention. I can see top risk and

attention. I can see top risk and compliance requirements, a summary of support cases, and even seesat. If I

want to dive deeper, I can click in on any one of these and in the case of support, email Stripe on behalf of my customers about any individual issue.

Thanks, Roshan. Those are just some of the ways our new platform analytics can help you work smarter.

For example, that time a beauty and wellness platform was able to adapt adopt the dashboard and spot underpriced BNPL transactions that were hurting their margins and fix it in seconds. So

that's platform analytics. Now let's

turn to risk. Earlier you heard from Emily about emerging types of fraud.

Platforms face a whole category of risk that many businesses never have to think about. Merchant risk. This includes

about. Merchant risk. This includes

everything from the risk of onboarding scammy businesses to the risk that a good business might go under. We've been

working at this for a long time at Stripe and we see many of our platforms getting caught in the same dichotomy.

Take onboarding. You can make it really ownorous and miss out on some good actors or open the floodgates to all good and bad actors. This is an

undesirable set of trade-offs. But with

Stripe scale and data, you can precisely set and monitor the right risk thresholds. So we now offer manage risk

thresholds. So we now offer manage risk where we will handle risk on your behalf. We optimize for the right

behalf. We optimize for the right balance for you and you're no longer liable for transaction losses or merchant fraud.

Over the past five years, platforms like Rest Nexus, Floronext, and Salesforce have saved more than 300 million in losses with Stripe manage risk.

Now, alternatively, if you want to stay closer to risk decisions, this year we launched Radar for Platforms. For platforms, Radar now flags suspicious businesses caught on the Stripe network

and lets you block them from transacting.

This year alone, platforms like FreshBooks, MindBody, and Glowfox use Radar to block over 700,000 bad actors.

Now, blocking bad actors programmatically is extremely powerful, but you know your users best and sometimes you need to be able to personalize risk thresholds based on

that context. That's why today I'm

that context. That's why today I'm excited to announce Stripe verified for platforms. It gives trusted platforms a whole new range of controls. Rashan,

show us.

So, you might have missed this in the previous demo, but this platform has a new badge that indicates it's verified, giving me more control over how I handle risk for my users. Say a business is

overdue to submit additional KYC information or hasn't provided required information about the products that they sell. I can see all of my accounts that

sell. I can see all of my accounts that might need some additional time here in one place in the dashboard.

Verified platforms can now extend the due date right from the dashboard because you know your customers best. In

this case, I know that Rhythm Yoga Yoga Studio here might need a little more time. So, I'm going to give them another

time. So, I'm going to give them another week. I'll just check these boxes, hit

week. I'll just check these boxes, hit continue, click extend, and that's it.

No more compliance tasks disrupting a legitimate customer when they're just particularly busy.

So that's just one example of how you can directly edit our risk systems. With verified, we're also able to better customize risk for platforms with similar profiles. For example, we can

similar profiles. For example, we can offer platforms for property managers higher ACS limits because we know that's what landlords use to collect rent. You

can sign up for the weight list for Stripe verified today and join platforms like Rover and Rent Ready who are already benefiting from it.

Now let's turn to the third area, helping you grow your revenue. We want

to provide you with maximum flexibility in designing your payments business.

Many of you opt for revenue sharing. You

offload payments to Stripe and we help you handle the pricing and costs. Now,

if you want full control, you can instead set your own custom pricing on top of Stripe's buy rate. Now, most of you are serving SMB users for whom blended pricing is almost always the

best option. But for those of you

best option. But for those of you serving enterprise users, you're finding that these larger companies want transparency into their network costs and levers to reduce them. That's why

today I'm excited to announce one of your most requested features, IC+ pricing for platforms. [Applause]

With just a few lines of code, you can now pass network costs through to your users and get transaction level reporting you can share with them.

Platforms like Transformity, Evercommerce, and Desmart are already starting to extend IC+ pricing to their users. And there's more. We're working

users. And there's more. We're working

to let you pass through any payments fees from dispute fees to AC wire fees exactly as is or with markups.

But you all know revenue opportunities extend far beyond payments such as offering financing or faster payouts or issuing cards. And today we have a

issuing cards. And today we have a number of exciting updates to share here.

Now you might be surprised to know that for many platforms lending is their number one revenue generating product.

You heard it right, even bigger than payments. But it's insanely difficult to

payments. But it's insanely difficult to launch and manage a lending program on your own. You'd have to own the

your own. You'd have to own the underwriting, the loan servicing and support, and you'd have to manage the risk on a net new financial product. And

that's why Stripe Capital is here. We're

going to show you just how easy we've made it to launch your own program, Russian.

So, back in the Stripe dashboard, I can choose to embed the capital experience into my product or let Stripe handle everything for me, including co-branded emails and a white labelled borrow experience. So, I'm going to walk

experience. So, I'm going to walk through this. Nika Nica told me

through this. Nika Nica told me backstage I only have two minutes so we'll see if I can keep it under that.

But I'll go ahead and click get started here. Looks like some information about

here. Looks like some information about how to set up capital. I like no code options. So we'll go with that. Click

options. So we'll go with that. Click

continue here. Looks like I can see what the emails that my customers will receive about their offers look like. So

that's great. I'll hit continue on that.

And I can also see how the offer selection looks like for my customers.

That's also looks good to me. Uh no

additional marketing plan. That works.

And let's see here. Okay. Some

information about reporting transaction details to users. That's helpful for me to know. All right, looks like I need to

to know. All right, looks like I need to sign here. And I have read these terms,

sign here. And I have read these terms, but you should too if you're going to sign this. Uh, we'll go ahead and click

sign this. Uh, we'll go ahead and click sign. And let's see here. That should

sign. And let's see here. That should

just work. Great. I can hit start sending offers. And then once I click

sending offers. And then once I click send, offers will be delivered to my users automatically. How's that? Under

users automatically. How's that? Under

two minutes.

That was great.

[Applause] And folks, this is real. This is, as I said, the number one revenue generating product for platforms, and you can turn

it on in less than 2 minutes today. In

fact, the number of platforms using Capital is growing more than 80% year-over-year.

We're also helping more of your users become eligible for financing. You can

now bring your own data to Stripe's underwriting.

Now let's talk about Stripe issuing which is used by companies like Instacart, Shopify and a firm to issue and manage over 320 million cards worldwide.

Now over the years many of you have asked us to support consumer cards.

Earlier this year we announced that you can now build a fully managed consumer credit program on Stripe. For example,

Fold, a financial services company, is using Stripe issuing to build a credit card that lets buyers earn Bitcoin rewards. So, that's a whirlwind tour of

rewards. So, that's a whirlwind tour of what's new for platforms on Stripe, new AI powered insights and analytics for platforms, better tools for all your risk and compliance needs, powerful and

flexible primitives to monetize payments, and additional revenue opportunities through capital and issuing.

Now, if you're at Stripe Tour, you're probably a pretty entrepreneurial optimistic person, right? I see some nods. But even for the most positive of

nods. But even for the most positive of us, there are some things we just hate.

There is no other word for it. We hate

delays and payouts. We hate unnecessary effects. And we particularly hate

effects. And we particularly hate international wires. This is why for

international wires. This is why for years we've heard from many of you that you want to do even more with your money on Stripe. You want managing money to

on Stripe. You want managing money to feel like using good software. It should

be fast. Money should move at the speed of bits. It should be affordable, if not

of bits. It should be affordable, if not downright cheap, especially converting between currencies. It should be

between currencies. It should be permissionless, available to any legit business. And it should be programmable.

business. And it should be programmable.

You should be able to edit it with code.

But this is not how the financial system works today. To change that, we're

works today. To change that, we're adding money management, a new dimension of our product suite. Now, this is a major upgrade in what Stripe can do for

you. I'm going to show you three things

you. I'm going to show you three things that become super simple when you're managing your money on Stripe instead of using a patchwork of different applications.

So, first you see this financial account is local everywhere.

All Stripe balances will be multicurrency by default. As you can see here, I'm holding dollars, pounds, euros, and even stable coins. Your money

will get stored in the currency in which it's received, which means you will be charged conversion fees only if you convert currencies. No more unnecessary

convert currencies. No more unnecessary FX fees. And switching between

FX fees. And switching between currencies is also cheap and easy. So,

let me quickly do a transfer for you.

So, I can hit this button over here. And

let's say my business needs more euros.

I can select euros as the two balance.

Let's say I want to convert some pounds.

I can enter an amount.

It shows me the conversion fees right here. I can hit review. I can hit

here. I can hit review. I can hit convert.

And that's it.

[Applause] We've also built everything on top of local rails, which means you can now operate like a

local business without needing a local presence. So UK businesses can see the

presence. So UK businesses can see the account details that you see here to send you money just like they send money to any other local business. And the

same will be true for European businesses and so on. No more painful international wires. Stripe financial

international wires. Stripe financial accounts are local globally.

Now, the next big thing that's different for you now is how you send money. With

Stripe, you can now pay a vendor with just their email address. No need to collect and store their bank details.

And so, let me show you how that works.

I can hit send here. Let me add a new recipient, type their email address. I can select pay by email. I can hit continue.

I can add a note.

I can um you never know. It's a real demo.

Um I can and and this on the right hand side you can see my recipients experience. They're going to get an

experience. They're going to get an email like this one. And if they have their bank details stored with link, they will be able to receive the money in just a few clicks. I can hit

continue. I can enter an amount.

continue. I can enter an amount.

Um and then I hit submit.

That's it. The payout is sent. No more

collecting and typing sensitive bank account information. Just send an email.

account information. Just send an email.

Now, this final one is my favorite. I

think it's super cool. Creating cards.

Today, if you try to create a card for any of your employees, it's a hassle.

Sometimes you need to submit a request in person, wait for lengthy approvals with back and forth, and often it's complicated to set spend controls once you actually have the card. Well, with

Stripe, you can now create a local card tied to your balance directly on the same page. So, I can hit this create

same page. So, I can hit this create card button here. Let me add a new card holder, and I'm going to try to copy over my details.

Um, you need to add the name, the billing address, and um the zip code, the email, phone

number. Um, none of this is real. Noi,

number. Um, none of this is real. Noi,

I can give it a nickname.

I can select virtual or physical right here. So, let me select virtual. I can

here. So, let me select virtual. I can

activate the card right from the same screen. I hit create card. And there you

screen. I hit create card. And there you go. Now, you can

go. Now, you can you can start using this card anywhere Mastercard is accepted. All right. So,

that's a preview of just three of the many powerful new capabilities we're building. Many of these features are

building. Many of these features are already live, so check them out. And if

you're a platform either here or in the UK, you will be able to offer these features to your users by the end of this year.

Now, there's one last product area we're going to cover that will help you accelerate your business, and that's crypto. Here's Will to tell you more.

crypto. Here's Will to tell you more.

Thanks, dive in, I thought it would be helpful to take just a little step back and talk about why we're so excited about crypto and about stable coins in particular. So

blockchains are a powerful and versatile technology, you know, powering everything from decentralized applications to, you know, for let's get real about it, uh, abject speculation in memecoins.

But it turns out that the killer application in crypto is money. You

know, we've sort of come full circle here. and all the things that Nitica

here. and all the things that Nitica just talked about that money should be fast affordable permissionless programmable. You know, these are

programmable. You know, these are properties that are inherent to crypto.

And to that list, I'll add borderless because you all know all too well that as soon as you cross a border with money, everything breaks. You know,

speed crawls, fees spike, complexity explodes, and global expansion becomes a capital inensive one country at a time slog.

Well, crypto changes us. You know, every fundamental thing you need to be able to do with money, crypto makes possible on a global scale.

Businesses like Versel, OpenAI, and Techon are accepting payments globally on Rails that are less than half the cost of fiat rails and settle in

seconds, not days. And Kevin shared earlier an upgrade that we're making to stable coin payments. You know, until now, there's been no good way to keep a credential on file for recurring stable

coin payments. But as of today, we've

coin payments. But as of today, we've deployed smart contracts across several chains to enable exactly this, unlocking stablecoin subscription payments.

Because stable coins enable you to store and send balances globally, we can roll out our entire money management suite.

You know, everything that Nitica just showed you around the world all at once.

Businesses like Remittly, Deal, and Remote are storing and sending money wherever their customers need it, accelerating entire product categories like payroll, creator platforms, and

remittances with global reach.

Global FinTechs like RAMP are expanding their card programs to dozens of additional countries via cryptobacked cards. And one emerging use case we're

cards. And one emerging use case we're seeing is optimizing internal treasury flows. Companies like SpaceX are moving

flows. Companies like SpaceX are moving money around the world inside their businesses using Bridge, Stripe's advanced stablecoin orchestration platform to repatriate global revenue

back to the US.

So these are some of the fastest moving companies in the world and until now they've been forced to waste time on the arcana of wire transfers, FX fees,

settlement delays. But with stable

settlement delays. But with stable coins, money moves at their speed.

So, we hear frequently from you, what should our stable coin strategy be?

Realistically, not every company needs stable coins today, but if you're a global company or you aspire to be, you can and probably should use them to streamline your operations and catalyze

your expansion.

Now, I showed at the top that we're building products to be seamlessly interoperable with each other, but also modular. And so you've seen that you can

modular. And so you've seen that you can use Stripe's checkout services but route the payments elsewhere or you can underwrite Stripe capital loans with third party data and so on. Well, this

commitment to openness is particularly important when it comes to crypto. So

our crypto products are of course seamlessly interoperable, but you can also plug in whatever third third party services you want. So, for example, Stripe has an on-ramp, but Privy, our

wallet solution, has deep on-ramp partnerships with Moonay and Coinbase, and will continue to invest enthusiastically in these.

Privy works seamlessly with Bridge, but Bridge in turn works seamlessly with wallet solutions like Fireblocks. Strafe

and Paradigm incubated Tempo, a new payments focused blockchain, but bridge and privy work with many L1's and L2s and will continue to do so.

Crypto's improved foundations for financial services are still nent, and they require an interoperable, collaborative, and competitive market to

maximize their potential.

But perplexingly, that's not where the stable coins market is headed right now.

Today, just two stable coins, USDT and USDC, constitute more than 85% of total stable coin supply.

And developers have been building on these two coins largely out of necessity. But the tradeoff is

necessity. But the tradeoff is potentially enormous. You know, imagine

potentially enormous. You know, imagine that you're a NEO bank building on stable coins. You could end up sitting

stable coins. You could end up sitting on an abundance of stable coin dollar deposits, but it's extremely hard to earn yield on any of that. You know,

today the benefits flow overwhelmingly to the coin issuers.

And then when your users want to redeem those coins for cash, issuers today charge a burn fee. You know, imagine the bank charging you every time you want to

withdraw your own money.

So, how do you fix this?

Well, what if you launched your own stable coin?

This might sound daunting and exotic, and for good reason, because until today, it's involved managing your own reserves. you know, striking

reserves. you know, striking partnerships with the largest financial institutions in the world for custody management and ongoing reserve optimization, you know, building airtight financial infrastructure to

securely mint and burn coins, getting a lot of licenses, being regularly audited, and a whole lot more. And who's

to say that even if you do all that, will you ever reach, you know, real liquidity? You know, what's your

liquidity? You know, what's your strategy to make your coin widely available and widely held?

Well, today we're changing this. Stripe

and Bridge are launching Open Issuance, a new platform that enables any business to issue their own stable coin. You can

create, issue, and manage your own stable coin directly from the Bridge API. You can mint and burn freely. You

API. You can mint and burn freely. You

can customize reserves with exacting precision, choosing how much to keep in treasuries and cash, even in onchain assets. You can even choose your

assets. You can even choose your preferred custodians from partners like Black Rockck and Fidelity.

And most importantly, you keep your yield.

Open issuance is priced at 50 basis points of total outstanding value and you keep everything else. The whole

point is that your stable coin should benefit your platform and your customers.

So, we're thrilled that Open Issuance is already supporting coins for some of the biggest ecosystems in crypto, including MetaMask and Hyperlid. And today, we're

excited to announce that the world's most popular crypto wallet, Phantom, is launching Cash, the first coin fully built on open issuance. So, to share more about how it works, please welcome

Phantom co-founder and CEO, Brandon Milman.

[Music] So, welcome Brandon and congrats on the launch. We're incredibly excited to be

launch. We're incredibly excited to be partnering with you. Uh, before we get to Cache, I just have to say, uh, everyone, including myself, is sort of obsessed with Phantom. What are you guys

getting so right and why is everyone so excited?

Well, yeah, thanks Will. appreciate the

opportunity to be here and yeah, very excited to talk about all the work that we've been doing together for the past couple months. Um, yeah, so at Phantom,

couple months. Um, yeah, so at Phantom, our mission is to accelerate the adoption of crypto by making it safe and easy to use. Uh, and that means we spend a lot of time investing in things like

user experience, design, and just solving usability problems of crypto more broadly. And you know, that's why

more broadly. And you know, that's why users love Phantom. They find it fun to use, easy to use, but most importantly also safe to use. And I think a combination of all of those three are

going to be required to actually bring crypto into the mainstream.

Yeah. And for everyone here, if if you are not yet crypto initiated and into it, downloading Phantom is the best way to become so. So please, you know, download just an incredible application.

So you guys think so much about user experience. Uh why do you need your own

experience. Uh why do you need your own stable coin?

Yeah, that's a that's a good question.

Like everyone in this room, we're super excited about stable coins and the promise of bringing more real world utility to crypto, right? However,

stable coins are still way too hard to use and access for the normal everyday consumer. And so that's why we set off

consumer. And so that's why we set off to make the best stable coin consumer experience on the market. But when we started off and we did that, we found that none of the stable coins on the

market really allowed us to build the UX that we wanted. So for example, with USDC, you have things like great liquidity, but you don't really have the customizability or control that we need

as developers. So with open issuance, we

as developers. So with open issuance, we were finally able to make all the design decisions that we needed in order to build the UX that we wanted. So for

examples um you know we were able to build Salana first which means the that means cash is fast it's it's cheap it's scalable perfect for everyday use cases

and a mainstream audience and it's also developer first meaning anyone building with cash will have the freedom to utilize the yield however they see fit.

And so then very tangibly like what does a better consumer experience for stable coins look like just in the app? Mhm.

Well, if anyone in the audience has actually tried to onboard into crypto before, they know it's an extremely painful experience, right? That's why it was super important for us to optimize

that and make sure a user could just bring a debit card or Apple Pay or even a bank account to get cash. And you also mentioned earlier that part of your mission is to make crypto feel safe. So,

I imagine that's part of it as well.

Totally. That's exactly right. Although

what you're seeing looks very simple, behind the scenes is actually a very complex process with a lot of compliance steps. And that's why we've loved

steps. And that's why we've loved working with Stripe. I mean, you guys are the experts in money movement and really helped us simplify make the UX as simple as possible.

And in fact, we're actually going to bringing to be bringing cash to every Stripe merchant via checkout. And I

think we can actually take a look at what that looks like right here.

This is actually amazing. This is a huge part of making cash more useful for the everyday user that that we're talking about. And you know, there's all this

about. And you know, there's all this potential with stable coins today, but until now, it's been really hard to actually use them and spend them. And

this is taking one enormous step towards making that future a reality. Well, not

that you guys need it because you've got hundreds of millions of users already, but please go down uh go download Phantom if you haven't already. It's an

incredible application. We're so uh excited to be partnering with you and congrats on the launch, Brandon.

Thank you. Thanks.

[Music] Now, I said earlier that the single most challenging thing about issuing a stable coin is building liquidity. So, how is open issuance actually solving that?

Well, simply put, interoperability. From

a technical standpoint, every open issuance coin will be will natively interoperate with all the others. So, if

you're creating a coin, you can choose to share in the joint liquidity of all coins right out of the gate. So, open

issuance ships with built-in liquidity.

Now, you might be asking yourself, okay, but which businesses in fact should issue their own stable coins. Well, as a rule of thumb, if you hold funds on behalf of your customers, including

things like virtual currencies and points, issuing a stable coin would probably improve your economics and user experience.

But even if you don't, you should take note of what's happening here. Now, we

hear from many of you that the reason you come to Stripe events is to learn more about the future of commerce.

Entrepreneurs building on crypto and stable coins are pioneering a new future of money itself.

You know, practices die hard in financial services. Your bank account

financial services. Your bank account has an ABA code because tellers in the 1920s in the 1920s 100 years ago needed to know what pigeon hole to drop checks into.

Swift message codes for interbank transfers are so short and absent of context because they were optimized for TX machines in the 1970s that charged

per character.

As you heard today, new paradigms of commerce and finance are coming and we're building with urgency and focus to make these changes beneficial for all of you.

New infrastructure to enable agentic commerce on platforms like chat GPT.

foundation models to protect you from fraud, including acute vectors like free trial abuse, tools to monetize AI powered products and help software platforms stand up new lines of business

like lending, our brand new money management suite, all the ways that stable coins can unlock global expansion, and of course, a platform to

issue your own stable coin.

Thank you all so much for joining us here at Stripe Tour. I hope you leave with some specific ideas for how you can make good use of Stripe's programmable financial services. We're at the cusp of

financial services. We're at the cusp of a generational shift in business and technology and the next decade of global economic growth will be shaped disproportionately by what each of you

does and what we can do together. Thank

you so much.