# Stripe’s 2025 annual letter

An episode of [Cheeky Pint](https://invisiblenetwork.ai/podcast/1821055332), 24 Feb 2026, 28 min.

Audio: https://media.transistor.fm/561751bc/7f444b48.mp3

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

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