Stripe’s 2025 annual letter
· 28 min · Episode 24
Episode Stripe’s 2025 annual letter
The internet economy accelerated in 2025. The fastest-growing companies got even faster, agentic commerce and stablecoin payments started to kick into gear, and total payment volume on Stripe grew by a third as our customers continued to prosper.
Our annual letter covers the trends that we think are worth paying close attention to as the pace of change accelerates.
Timestamps (01:48) The sorting machine
(05:45) Global by default
(09:01) Stable progress
(12:14) Working capital’s working. Capital!
(15:09) Escaping from low revenue mode
(18:33) The five levels of agentic commerce
(23:52) A Republic of Permissions
Links in the notes 1
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