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 (stripe.com/annual-updates/2025) 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