Stripe steadily builds stablecoin infrastructure, laying out the future for Programmability currency

Recently, payment giant Stripe announced the acquisition of popular wallet infrastructure provider Privy, marking another significant move in its return to the crypto space. The driving force behind this move is the explosive growth potential of stablecoins.

Stripe, as a payment platform, serves a large number of Fortune 100 companies and projects on the Forbes AI 50 list. Last year, Stripe processed a total payment volume of $1.4 trillion, a year-on-year increase of 38%. Its revenue growth rate far exceeds that of mainstream companies, demonstrating its strong coverage capability in the business sector. This makes Stripe an ideal player in promoting stablecoin applications.

The acquisition of Privy closely follows the high-profile Bridge acquisition. These two transactions clearly send a signal: Stripe is seeking to take control of the entire tech stack for "stablecoin native payments" and "Programmability".

Privy provides a set of tools to improve the user experience in the crypto world, especially in terms of wallet usage. Developers can embed cryptocurrency wallets directly into their applications through Privy's software development kit, allowing users to quickly create wallets using familiar methods such as email or social accounts, significantly lowering the barrier to entry for crypto products.

Currently, Privy has provided services for over 1,000 teams, totaling 75 million accounts, and has processed billions of dollars in transaction volume. Its clients include several core players in the cryptocurrency space.

For Stripe, Privy is a natural complement to its previously acquired Bridge. Privy packages the originally complex wallet infrastructure into easy-to-use components, which, together with the stablecoin solution provided by Bridge, jointly build a complete stablecoin payment toolchain.

Bridge is a project acquired by Stripe for $1.1 billion in February this year, providing three core services: transaction orchestration, stablecoin issuance, and cross-border transfers. Developers can access these features with just a few lines of code. Bridge has already demonstrated strong application value in the real world, such as helping businesses reliably repatriate overseas income or enabling users to conveniently pay subscription fees for global services.

Since being acquired, Bridge has expanded rapidly. Currently, its "stablecoin financial account" covers 101 countries, allowing businesses to hold multiple stablecoin balances in their accounts, and supports receiving payments through traditional banks and crypto networks. In addition, Bridge recently partnered with a major payment giant to launch the world's first stablecoin credit card issuance product.

Stripe's relationship with cryptocurrency has spanned over a decade, going through multiple attempts and retreats. In the past, each retreat was related to price instability, immature infrastructure, and unclear regulations. However, the current shift in government attitudes towards cryptocurrency assets (especially stablecoins) has changed this situation. Stablecoins, which are pegged to the US dollar, have programmability and strong liquidity, providing the stability of fiat currency while possessing the flexibility of cryptocurrency, and are increasingly gaining support from regulatory frameworks.

Stripe's recent product expansion reflects its confidence in this trend. In 2024, Stripe will reopen cryptocurrency payments after a six-year pause, allowing the receipt of USDC through multiple major blockchain networks. It also collaborates with a large cryptocurrency exchange to support cryptocurrency payments across more networks, enabling direct conversion between fiat currencies and crypto assets within the exchange wallet.

Today, with Privy responsible for wallet infrastructure and Bridge providing stablecoin backend services, Stripe has achieved comprehensive front-end and back-end control over the "Programmability" tech stack. In the past, the widespread adoption of stablecoins was often limited by infrastructure gaps, but now these barriers are being systematically eliminated by Stripe. For stablecoins, this might be the true "tipping point."

The influence of Stripe extends far beyond the crypto sphere; it deeply serves mainstream businesses, e-commerce platforms, and enterprise software ecosystems. By simplifying the integration of stablecoins as "an additional payment method," Stripe has the potential to significantly accelerate their adoption in a market where crypto is still niche.

Ultimately, Stripe is not just about "buying infrastructure"; it is actively building a "Programmability currency underlying network" that can integrate fiat currencies, cryptocurrencies, and AI applications. After years of cautious exploration, Stripe's true full-stack investment this time is expected to accelerate the transition of stablecoins from being crypto-native to becoming part of the mainstream global financial system.