Stripe Sessions 2026 | Keynote

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Good morning and welcome to Stripe Sessions.

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It's April 29th, otherwise known, of course, as Day 119 of the Singularity. And we'll come back to this in just a few moments. This is the biggest sessions, as you can see, that we've ever put together. And we're very grateful to all of you for joining us, for spending the time with us. And we're extremely excited to show you what's been cooking. Whether you're here for the talks, or the demos, or the hallway conversations, or anything else, Sessions is built for all of us. And there's really a lot going on in the internet economy. Now, part of what I love about Sessions is we have businesses from so many categories and domains.

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We have AI leaders, platforms, enterprises, startups, e-commerce giants, solo developers. You all, across the full spectrum of commerce and industry, are ensuring that the new miracles of science and technology are actually deployed in the real world. And we feel very honored to support you. To give you a quick update, Stripe now serves more than 5 million businesses around the world, including 86% of the Forbes AI 50, 90% of the companies in the Dow Jones Index, and 80% of the NASDAQ 100. Businesses on the Stripe platform, all of you, collectively generated revenue that's equivalent to about 1.6% of total global GDP last year. Quite remarkable.

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And this works out to about $1.9 trillion in total payment volume. And this figure is up 34% year over year. And that's particularly striking when you set it alongside global growth of just 2%. And so businesses that build on Stripe, again, all of you, are dramatically outpacing the rest of the economy. But it's not just about growth. We work really hard to ensure that Stripe remains the steadiest and the most reliable part of your stack. And last year, our critical APIs retained 99.9996% availability, while we on average merged well over 1,000 production pull requests every day.

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And so Stripe is getting better faster than it ever has before. So day 119, the singularity. Now, we're being a bit tongue-in-cheek with this, of course, but only a bit. And the reason we frame things this way is something, as far as we can tell, really has changed over the last couple of months. So I want to show you a chart we've actually never publicly shown before. This is the number of new businesses launching on Stripe every month. And it starts here in 2019.

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You can see this big spike at the beginning of the pandemic. And actually, the interesting thing about that is it never went back to baseline. It remained at this elevated rate. But since the beginning of this year, the beginning of 2026, we have started to see this incredible inflection, this parabolic rise in new firm creation. And this acceleration that we're looking at, it's about lots of new company formation. But what's happening, as you guys know, is really not only about new startups. Because of AI, the entire economy is replatforming. The entire economy. New products, new business models, and completely new sectors. And every business now faces two imperatives.

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One, to figure out how you're going to reinvent your product. And then second, to reimagine how the business works. And interestingly, programmable financial infrastructure is crucial for both of these. Now, from the start, we've been big believers in the idea that financial infrastructure should converge with code. Now, I grew up as a Lisp programmer. And in Lisp, the core idea is that code is data. Well, the basic idea in Stripe is that money is data. And when we launched back in 2011, this was not exactly industry orthodoxy. But it turned out to be a pretty impactful idea as software came to take over the world.

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But if this thinking was useful in pre-singularity times, standing here in 2026, it's obviously become quite essential. And so Stripe is building the economic infrastructure for the AI era. And you're going to hear this theme interwoven across everything that we cover at sessions. And so this brings me to today. We've a lot to show you. New products, new capabilities, and new ways that Stripe can hopefully help you grow. And I won't spoil the details, but I will say that I think today's announcements represent the most ambitious single-day set of product launches in Stripe's history. So let's get into it.

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[SPEAKER_00] Please welcome Stripe President of Technology and Business, Will Gabryk. [SPEAKER_10] Thank you. [SPEAKER_10] Thank you. [SPEAKER_10] Thank you. [SPEAKER_10] Thank you. [SPEAKER_10] responsible for most internet transactions. [SPEAKER_10] And just as agents work faster than we do, they're going to spend money a lot faster too. [SPEAKER_10] So this is a huge economic opportunity, if only we all can seize it. [SPEAKER_10] So how should we be preparing? [SPEAKER_10] We have a ton of exciting stuff to show you on that score today, so I hope your agent is diligently taking notes.

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[SPEAKER_10] But Sessions is also about giving you a peek into the future, less talking and more showing.

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[SPEAKER_10] So what do you think?

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Should we just get the demos started?

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All right. So we all know that agents can write great code, or they can write a ton of code fast, and some of it usually works.

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What they can't do is package up an application for real users and put it on the public internet. Rather, they couldn't do that until last month we launched a private preview of Stripe projects, because projects handles the other side of Vibe coding, Vibe deploying. So let's see what it can do. Well, at Stripe, you know we care a great deal about APIs, in case you haven't noticed. So for this demo, we built an agentic app that takes any public API and reviews it for legibility and developer ergonomics, and all for a flat rate of $2 per review. So you can see here that the app is just being hosted locally on my computer.

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So let's see if Cloud Code can one-shot deploy this using Stripe projects. So please quickly deploy my app using, right? Okay, you're all watching me type. An agent, sandbox, and a hosting. Excuse me. All right. And please work, because I am on stage. that takes any public API and reviews it for legibility and developer ergonomics, all for a flat rate of $2 per review. So you can see here that the app is just being hosted locally on my computer. So let's see if Cloud Code can one-shot deploy this using Stripe projects. So please quickly deploy my app using, right? Okay, you're all watching me type. An agent, sandbox, and a hosting. Excuse me. All right.

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And please work, because I am on stage. Okay, so while Cloud does its thing, let me tell you a little bit more about Stripe projects. So the idea for projects came from our favorite source of inspiration: you all. For example, this tweet last year from Andre Karpathy. And he's right. In the era of agentic coding, building an app shouldn't feel like assembling IKEA furniture. You're juggling a dozen different services, creating accounts with each of them, bouncing between dashboards, copying and pasting secrets. And agents can't do any of this. Every single step requires a human. Well, projects fixes this.

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It programmatically provisions services, manages usage, and it even navigates billing, all directly from the command line. And best of all, it empowers agents to do this autonomously. So we launched in private preview last month, and there are many thousands of you on the wait list. Well, right now, we're raising the gate and making Stripe projects available to everyone. So we already have dozens of great partners. And if you want to join the ranks, please come see us downstairs in the apps booth. Okay, let's go check in on our friend Claude. Okay, and it claims it worked, but before we check, let's just go through the output log here.

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So first thing it did was choose a set of providers. So Vercel for hosting, we've got Supabase for the database, and then RunLoop for the Agent Sandbox. Looks like it pulled some credentials, some secrets here. And again, it says it was successful, but agents can be a bit overly optimistic, so let's just copy the URL and we'll head back to the browser. Moment of truth. See if it actually made it to the web. And boom, there you go. The app is live. And I mean actually live. Over the course of building this, we heard from many of you that you actually wanted to use it. And so as of right now, it's available to all of you, and of course to your agents.

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Okay, so we just one-shotted deployment with projects, so that's pretty cool. But think back to that future that we imagined earlier. One where agents are autonomous economic actors, responsible for most internet transactions. Well, for that future to be real, agents need to be able to go buy things autonomously. And this is highly non-trivial, because commerce on the internet—pricing pages, checkout forms—these were all designed for us. And agents need entirely new modalities. So we built some. A few months back, we launched the Machine Payments Protocol, or MPP, in collaboration with our friends at Tempo.

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Now, MPP is an open standard that lets any service tell agents that payment is required and how to pay, all directly over HTTP. So I've already used Stripe to integrate MPP into this app. But even if the app is ready to accept agentic payments, how do we give an agent a payment credential in the first place? And how can we trust them to use it responsibly?

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Well, it turns out we already have something perfect for this: Link. So today, we're launching Link's new wallet for agents. It lets you securely empower agents to spend on your behalf; your payment credentials are never exposed, and you approve every purchase. So let's go see if we can close the loop.

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Can another agent autonomously buy an API from the agent who built and deployed the app? So I was using Claude for the first agent, the builder, but now I'm going to use Codex. I'm going to do it in dark mode, just to keep them visually distinct. I'm not going to tell it anything about MPP or Link. I'm just going to ask it to get me a review for an API from Privy. So get me a review of this API. And Privy is our crypto wallet solution for anyone not familiar. So grab this URL .md for the agent. All right, and off you go.

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So it's going to request the review. You can see right away it notices that the app is using MPP and accepts card payments. And here you can see that the agent has realized that it can use Link, and that's what it's intending to do. It's extracted the amount, so 200 cents, so $2. It's taking its time.

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All right, and this is important. You can see it's sending me over to the Link app for my approval. I wish I could just command double click, but c'est la vie. So here we are in the Link app. I can see what I'm buying, a $2 review, and my Visa card here, so let me approve that. Give it my thumbprint. OK, so if you've been to sessions before, you've seen a payment or two on this stage, but you've never seen one like this, because this is fully autonomous. Two agents attempting a real value exchange right before our eyes. So fingers crossed, it's got the approval. And there we go. Autonomous payment accepted.

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So that's one small step for these two agents, but one giant leap towards making agents full economic actors. And even a few months ago, that very idea would have sounded futuristic. But now when you string together Stripe projects,

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OK, so if you've been to sessions before, you've seen a payment or two on this stage, but you've never seen one like this, because this is fully autonomous. Two agents attempting a real value exchange right before our eyes. So fingers crossed, it's got the approval. And there we go. Autonomous payment accepted. So you know, that's one small step for these two agents, but one giant leap towards making agents full economic actors. And even a few months ago, that very idea would have sounded futuristic. But now when you string together Stripe projects, the machine payments protocol, and the Link wallet for agents, we're really on the precipice of agents building, buying, and selling software autonomously. You know, we're in a funny moment, because we're all being called to reimagine our businesses from the ground up. We still have to do the day-to-day work of serving all of our customers. So we're working hard to help you with both. And over the next hour, we'll run through a ton of upgrades across payments, radar, revenue, money management, and embedded finance. And as we do, you'll notice three themes. So how we're making Stripe more programmable, how the Stripe network is protecting and propelling your business, and of course, how Stripe's economic infrastructure for AI can boost your growth in this new agentic era. So let's dive in, starting with payments. Here's Kevin.

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Thanks, Will. Payments has always been the beating heart of your business and ours.

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[SPEAKER_01] And as you've just seen, payments is about to meet a new kind of buyer, agents. Today, I'll show you how we can help you stay ahead. I'll share how you can get ready for agentic commerce, and how you can boost your revenue with high-performing checkouts and global payments optimizations. Let's start with agentic commerce. We think of this as a spectrum, where at one end, agents help customers discover, but the human still chooses and buys. In the middle, the human chooses and the agent checks out. And at the far end, the agent discovers and buys. But what we don't know yet is when and how consumer behavior will change. But you shouldn't have to bet on that. And so we built the infrastructure to help you thrive, no matter how it unfolds. We're already seeing demand across verticals, from retail and media to SaaS and travel. And let me give you a rundown of what we've been up to. With Microsoft and OpenAI, we're making products discoverable inside Copilot and ChatGPT. With Meta, we're powering checkout right inside ads. And to reach customers everywhere, you need to be where billions of people search every day. And so today, we're going even further with a big new announcement. We have partnered with Google, so your customers will soon be able to buy from you right inside AI Mode and the Gemini app. Quince, Fanatics, and JD Sports are coming soon. So that's Google, OpenAI, Microsoft, Meta. Four of the biggest AI players, all shaping new commerce experiences with Stripe. But now let's go to the other end of the spectrum, agents buying directly from you. For that, we built the machine payments protocol, MPP. If you offer services via APIs, MPP is a great way to acquire new customers. And as you can see, MPP has already achieved the highest honor for a payments protocol. People are voluntarily posting about it on the internet. So whether you're selling inside AI surfaces or directly to agents with MPP, it all runs through the agentic commerce suite. You can integrate with Stripe once, your products become legible to agents, you remain the merchant of record, and Stripe handles checkout, payments, and fraud prevention. And today, I'm pleased to announce that Shopify will become the preferred catalog provider for retailers that want to integrate with the agentic commerce suite. And we're also adding support for platforms on Stripe. We're making it easy for platforms to offer this new growth channel to their customers. And those businesses can sell without having to integrate with agents. Platforms like Wix and commerce tools, and enterprises like Best Buy and Kate Spade, are already building with the agentic commerce suite. And as more agents and modalities emerge, our suite will expand with them. So no matter what you sell, how you sell it, or who you sell it to, our suite will have you covered. But none of this scales if your customers can't empower their agents to make payments. And as we showed earlier, we're making Link the wallet for agents. It's already a network of more than a quarter billion users. It drives a 5% lift in conversion for returning customers. And now, right in the Stripe dashboard, you can easily see how Link is performing for your business. Link now supports UPI, used by over 500 million people in India. PIX, used by over 160 million people in Brazil. And stablecoins to provide global reach. So you can serve more customers with the lowest cost payment methods they already use. Now let's talk about what's new with our optimized checkout suite. So many of you use it for payment surfaces, local currency presentment, language localization, and more, to boost your conversion globally. Businesses using Stripe Checkout, our fully hosted checkout page, grew their revenue two times faster on average. Two times faster. And we often hear you talk about a flywheel to increase conversion. You configure new checkouts, you analyze them, and then you optimize them. And we want to help make that flywheel spin faster. And so today, I'm very excited to announce Checkout Studio, a new place for you to configure and optimize checkouts for conversion. Now you can see all your checkouts side by side. Analyze performance. I think of it as mugshots for your checkout flows. Who did it? Who lowered our conversion yesterday? You can build your custom rules, and you can run A-B tests for payment methods. And now, many of you use Payment Element to build checkouts on your websites with our UI components. But you also want a highly adaptive checkout that can show up anywhere, from apps to chatbots to agentic surfaces. And so today, we're introducing a more customizable embedded form. And to make it really easy to build your checkouts, we're also introducing a visual builder.

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[SPEAKER_01] Felix, thanks for joining us at the demo desk. How quickly can you design an embedded form? [SPEAKER_07] Let's find out. I just have to hit Create Checkout. [SPEAKER_07] And immediately, you see the new option that Kevin's been talking about, the embedded form. [SPEAKER_01] And now, many of you use Payment Element to build checkouts on your websites with our UI components. [SPEAKER_01] But you also want a highly adaptive checkout that can show up anywhere, from apps to chatbots to agentic surfaces. [SPEAKER_01] And so today, we're introducing a more customizable embedded form.

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[SPEAKER_01] And to make it really easy to build your checkouts, we're also introducing a visual builder. [SPEAKER_01] Felix, thanks for joining us at the demo desk. [SPEAKER_01] How quickly can you design an embedded form? [SPEAKER_07] Felix Kuhnick - Let's find out. [SPEAKER_07] I just have to hit Create Checkout. [SPEAKER_07] And immediately, you see the new option that Kevin's been talking about, the embedded form. [SPEAKER_07] So let's just make one for my support chat UI. [SPEAKER_07] I'll just call it Support Chat UI. [SPEAKER_07] Easy. [SPEAKER_07] Now, in the middle here is the new visual builder. [SPEAKER_07] And down all the left are all my controls and tools.

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[SPEAKER_07] So we can, let's say, collect customer names. [SPEAKER_07] And you can immediately see the preview updating with that. [SPEAKER_07] Now, it's a little bright up here. [SPEAKER_07] So I want to turn it down a bit. [SPEAKER_07] And so let's go dark mode. [SPEAKER_07] All right, that's much better for me. [SPEAKER_07] Now, I can also add custom components. [SPEAKER_07] So in this case, let's say I want to add a checkbox and we'll say, join my newsletter. [SPEAKER_07] And I can even use these drop zones and add it right here on the checkout. [SPEAKER_07] I just hit Save. [SPEAKER_07] And my checkout looks pretty good.

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[SPEAKER_07] So when I'm ready, I just hit Implement. [SPEAKER_07] And they give me this lovely code snippet right here. [SPEAKER_07] Except I barely remember how to code anymore. [SPEAKER_07] So this Copy for LLM button, I hit that and I have something to hand to my agent. [SPEAKER_07] So I just went from Start to Visualizer to Prompt on a few clicks. [SPEAKER_01] Thanks, Felix. [SPEAKER_01] With the new checkout studio, you can configure and optimize a new checkout in just a few minutes. [SPEAKER_01] But now let's talk about global expansion.

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[SPEAKER_01] It sounds so great on paper. [SPEAKER_01] And then reality sets in. [SPEAKER_01] Suddenly it's taxes, compliance, support, a very long to-do list. [SPEAKER_01] That's why we built Stripe Managed Payments, our merchant of record solution.

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[SPEAKER_01] It helps companies like Unity, Revenue Cat, and Lovable to expand in 195 markets with far less operational complexity. [SPEAKER_01] And as of today, Stripe Managed Payments is generally available. [SPEAKER_01] And we also know that localizing your prices globally is hard. [SPEAKER_01] You have to manage FX, currency exposure, and payment method compatibility. [SPEAKER_01] That's where adaptive pricing comes in. [SPEAKER_01] And we've actually been surprised by its results. [SPEAKER_01] A 17.8% average increase in cross-border revenue. [SPEAKER_01] And a 5% average increase in authorization. [SPEAKER_01] It now also localizes your subscription prices.

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[SPEAKER_01] So subscription businesses, from startups to enterprises, have seen a 4.7% uplift with adaptive pricing.

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[SPEAKER_01] That is a lot of additional revenue with very little effort. [SPEAKER_01] We've also done a lot of hard work to make payment methods operate cross-border, as well as support recurring payments, and just behaving the way you expect.

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[SPEAKER_01] That's a level of standardization that's only available on Stripe. [SPEAKER_01] When Gamma, one of the fastest growing AI companies, started accepting UPI, their revenue in India jumped 22% in the same month. [SPEAKER_01] Now let's talk about selling in-person globally. [SPEAKER_01] Over 900,000 businesses, including enterprises like Hertz, use Stripe Terminal for in-person payments in 25 countries. [SPEAKER_01] This year, Stripe Terminal is expanding to 15 additional markets. [SPEAKER_01] And we have an incredible roster of terminal devices. [SPEAKER_01] The S710 is our handheld device with cellular support. [SPEAKER_01] And it's been a hit.

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[SPEAKER_01] But today, I'm pleased to announce the Stripe Reader T600. [SPEAKER_01] Now first off, I'm sure you can tell that we had to burn a lot of tokens to come up with that name. [SPEAKER_01] But it's a customer-facing display, and it can power some premium checkout experiences, like loyalty programs and upsells, with custom apps. [SPEAKER_01] But revenue optimization doesn't end at checkout. [SPEAKER_01] And last year, we introduced AuthBoost. [SPEAKER_01] It automatically updates cards, routes transactions across networks, and determines when to retry failed payments. [SPEAKER_01] Let's take a look at how it's doing.

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[SPEAKER_01] We found businesses can see a 3.8% lift in auth rates, and up to 3.3% in cost savings. [SPEAKER_01] And now, you can use an A-B test to measure AuthBoost's impact. [SPEAKER_01] With AuthBoost, you can drive more revenue and lower your costs.

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[SPEAKER_01] But now I want to give you a little glimpse of something we're actively developing.

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We are taking everything we know about growing businesses faster on Stripe, and making it all available through an agentic expert called Stripe Console. Felix, can you give us a sneak peek? [SPEAKER_07] This is the Stripe Console. [SPEAKER_07] So, I can ask it something like, how many payments were refunded yesterday? [SPEAKER_07] And it will lovingly tell me, 17. [SPEAKER_07] Neat. Helpful. [SPEAKER_07] But Console is not a refunds lookup tool. [SPEAKER_07] It's a fully-fledged AI agent for your Stripe account, capable of answering questions, investigating, and taking action on your Stripe data. [SPEAKER_07] So, let's push it a bit harder.

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[SPEAKER_07] And I want to know, how is my business doing month to date? [SPEAKER_07] Now, Console is running a bunch of tasks in parallel, and you can see that down here. [SPEAKER_07] And it's pulling all my data on Stripe to generate charts for me. [SPEAKER_07] And so, oh, here's transactions, here's revenue, and here's conversion rate by country. [SPEAKER_07] That's great. [SPEAKER_07] But it's not just pulling data. [SPEAKER_07] It's also done some thinking. [SPEAKER_07] So, if you look here, it's noticed that conversion rates in Brazil are lower than other regions, and it's even encouraged me to enable Pix, which I think that makes sense.

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[SPEAKER_07] But most proactively, it's even offered to set up an A-B test for me, which sounds great to me, so let's just tell it, let's do it! [SPEAKER_07] Exclamation mark. [SPEAKER_07] For my excitement.

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[SPEAKER_07] Now, Console is going to figure out the tool calls it needs to make, and it's going to ask me for confirmation. [SPEAKER_07] It's checking me to proceed, because this is going to be a user-facing change. [SPEAKER_07] And so, let's do it live. [SPEAKER_07] It's loading up my payment configuration. [SPEAKER_07] which I think that makes sense. [SPEAKER_07] But most proactively, it's even offered to set up an A-B test for me, which sounds great to me, so let's just tell it, let's do it! Exclamation mark. For my excitement. [SPEAKER_07] Now, Console is going to figure out the tool calls it needs to make, and it's going to ask me for confirmation.

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[SPEAKER_07] It's checking me to proceed, because this is going to be a user-facing change. [SPEAKER_07] And so, let's do it live. [SPEAKER_07] It's loading up my payment configuration. [SPEAKER_07] It's adding picks to my checkout in Brazil, and there it is! [SPEAKER_07] Our A-B test is live and created right from the Stripe Console. [SPEAKER_07] Amazing. [SPEAKER_07] Thanks, Felix. [SPEAKER_07] Now, yes. [SPEAKER_07] Some agents are optimized to be friendly, and some are optimized to be creative. Console is a general-purpose agent optimized to look at your Stripe account and ask, how can I grow faster?

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So, whether you're selling to humans or agents, expanding globally with localized experiences, or optimizing your payments performance, Stripe helps your business thrive. Now, to tell you more about the future of commerce, please welcome Ginger Baker, Vice President of Product for Meta, and Will back to the stage. So, Ginger, thank you for being here at Stripe Sessions. Yeah, thanks for having us. It's the full FinTech family reunion out here. [SPEAKER_10] Yeah, yeah.

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[SPEAKER_11] And so, when we all think about Meta, the first thing that comes to mind is the world's dominant social platform, but you don't always think about commerce right away, but here you are at Stripe Sessions. [SPEAKER_10] So, why are you here? [SPEAKER_10] Yeah. [SPEAKER_10] Meta is many things to many people, but at our core, we build technology that helps people connect. [SPEAKER_10] We have 3.5 billion people that use one of our apps each day, and when they use those apps, they're looking to connect with others, whether it's through text they post on threads, or a video they may post on Facebook, or content they create on Instagram.

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[SPEAKER_11] It's all about using different forms of digital content to connect to one another.

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[SPEAKER_11] And what is money other than another form of digital content? [SPEAKER_11] And so, if we aren't able to make money move as seamlessly as other forms of digital content through our services, it feels like we're missing out on our real opportunity to help people connect with one another. [SPEAKER_11] And so, social commerce, when we hear that, scrolling and maybe tapping on an ad, but now we're in this agentic era. [SPEAKER_10] How's that going to change? [SPEAKER_10] Well, let's talk about what it looks like today. [SPEAKER_10] So, for folks in the audience, how many people used Instagram this week? [SPEAKER_10] No judgment. No judgment, Instagram users.

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[SPEAKER_11] Okay. So, you know the experience then: you see something that your friend has posted, maybe it's a pair of gold snake earrings, and you really want that item. [SPEAKER_11] But what are you going to do today? [SPEAKER_11] Today, you have to reverse image search, try to figure out what brand the item came from, find the website, create an account, enter your credit card information to check out.

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[SPEAKER_11] And I just think it's really exciting to think about a world in which you don't have to do that, where you can go through your friend's photo, and even just by clicking on the photo, you can get information about the brand that made the item, information about the price or the size or whatever you need, and without ever leaving the experience that you're in, you check out. [SPEAKER_11] It's related to what Kevin was just talking about that we launched together. [SPEAKER_11] I didn't know people were judging me for using Instagram. [SPEAKER_11] No, I don't think it's judgy. [SPEAKER_11] Clearly, I shop on Instagram pretty frequently.

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[SPEAKER_11] But so, more in situ experiences. [SPEAKER_11] So, you're not going to be bouncing around, you're thinking right there on the page. [SPEAKER_11] That's right. [SPEAKER_11] I mean, from discovery to purchase, it all takes place in the same experience. [SPEAKER_10] And that's what the power of AI, I think, really is: all of those steps that you used to need to go through to satisfy your desire of the thing that you were inspired by can now be done. [SPEAKER_11] Everything from inspiration to purchase happens in a single, seamless experience. [SPEAKER_11] You guys, of course, are a uniquely global platform.

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[SPEAKER_11] And as we've discussed, you're trying to do commerce worldwide. [SPEAKER_11] So, what are the challenges and how are you getting around them? [SPEAKER_11] Yeah, we operate in just about every country in the world.

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[SPEAKER_11] And because we operate in all those countries, as I mentioned, money also needs to move seamlessly and safely in all of those countries. [SPEAKER_10] And so, given the vast breadth that we have, not only in our surfaces, in our products, in our wearables, and everything that we have, we must rely on partners to build out this infrastructure with us to ensure that we connect businesses and people in the way that matters most to them with money. [SPEAKER_11] And so, as a result, we rely very heavily on partners. [SPEAKER_11] I'll use the example of creators because they're a pretty diverse group.

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[SPEAKER_11] So, creators today, you can have a small solo artisan in Indonesia who manages their business almost solely on WhatsApp. [SPEAKER_11] Or you can have a celebrity brand in the United States who manages a multi-million dollar business across many of our products and surfaces. [SPEAKER_11] And all of them need something different. [SPEAKER_11] They're going to get paid by us in a different way. [SPEAKER_11] They're going to receive payment from the people that they interact with in a different way. [SPEAKER_11] And so, we rely very heavily on our partners like Stripe. [SPEAKER_11] One example here is for creators specifically.

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[SPEAKER_11] Yeah, we're working with Stripe as a partner to enable creators to get paid out in stable coins in select markets now. [SPEAKER_11] And it's just an example of trying to meet people where they are and give them the payment methods and tools that they want. [SPEAKER_11] And for us, it's super important because Stripe can handle the licensing, the on-ramps, the custody, the off-ramps, all of the things that we don't want to do. [SPEAKER_11] They're going to get paid by us in a different way. [SPEAKER_11] They're going to receive payment from the people that they interact with in a different way.

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[SPEAKER_11] And so, we rely very heavily on our partners like Stripe. [SPEAKER_11] One example here is for creators specifically. [SPEAKER_11] We're working with Stripe as a partner to enable creators to get paid out in stable coins in select markets now. [SPEAKER_11] And it's an example of trying to meet people where they are and give them the payment methods and tools that they want. [SPEAKER_11] And for us, it's super important because Stripe can handle the licensing, the on-ramps, the custody, the off-ramps, all of the things that we don't want to do.

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[SPEAKER_11] And we can focus on the experience and the relationship that's so important for us with creators. [SPEAKER_11] So, how many markets will stable coins get you to? [SPEAKER_11] Well, I think it... you tell me, Will. I think that's the question for you. [SPEAKER_11] We'll get to this a bit later, but at least 160 by the end of the year.

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[SPEAKER_11] Okay, fantastic. Yeah. [SPEAKER_11] All right, one last one for you. [SPEAKER_10] So, AI keeps surprising us. [SPEAKER_11] Yeah. [SPEAKER_10] Timelines keep compressing. [SPEAKER_10] What's one thing that we may all think is radical sounding today that in two years might seem obvious? [SPEAKER_11] Mm-hmm. [SPEAKER_10] I think that payments will pivot from being a moment to being a policy. [SPEAKER_10] And I think it feels radical today because that policy will be something that you set with your agent, most likely. [SPEAKER_10] And that policy will be scripted with guardrails that say, please spend, only up to $50 on groceries this week.

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[SPEAKER_10] Always preference this card. [SPEAKER_10] Never do an authorization for a payment over $500. [SPEAKER_10] And those policy and guardrails are things that someone other than yourself or something other than yourself is going to be operating by. [SPEAKER_11] And so, I think it feels radical today to suggest that we would just completely give something else permission to manage our financial transactions. [SPEAKER_11] But I think that that's going to be the reality we're in. [SPEAKER_11] Yeah, moment to policy. [SPEAKER_11] I like that. [SPEAKER_11] Yeah. [SPEAKER_11] Well, thank you again. [SPEAKER_11] We love our partnership. [SPEAKER_11] Yes.

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[SPEAKER_11] And next up, we've got Emily to tell us about Stripe Radar. [SPEAKER_10] Criminals are no longer just stealing money or credentials. [SPEAKER_11] Increasingly, they're also stealing tokens. [SPEAKER_10] In AI, every prompt, every API call, every token has a real cost. [SPEAKER_10] And as more of you embed AI into your products, token theft has become one of the most urgent challenges you face. [SPEAKER_03] Radar is our fraud prevention product. [SPEAKER_03] It started with protecting you from fraud on card payments.

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[SPEAKER_03] Today, I'll show you how we transformed Radar to protect far more of your business, your tokens, your funnel, every transaction, and with more control than ever. [SPEAKER_03] The most ambitious AI companies trust Radar. [SPEAKER_03] OpenAI, Anthropic, Eleven Labs, Cursor. [SPEAKER_03] So do some of the world's most established businesses, like Pepsi and Hertz. [SPEAKER_03] So let me walk you through three of the fastest growing fraud patterns we see across the Stripe network. [SPEAKER_03] And by the way, also in your tweets. [SPEAKER_03] The first is multi-account abuse. [SPEAKER_03] And this happens well before any payment credentials are entered.

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[SPEAKER_03] So a bad actor signs up again and again and again, stealing new user credits every time. [SPEAKER_03] Across Stripe, one in six signups at AI companies are involved in multi-account abuse. [SPEAKER_03] And they've been nearly impossible to stop. [SPEAKER_03] Until now. [SPEAKER_03] Radar evaluates each new account in real time. [SPEAKER_03] So you can block before a single token is burned. [SPEAKER_03] Our solution is drawing on signals from prior abuse across the entire Stripe network. [SPEAKER_03] So device fingerprints and IP addresses and email domains and a whole lot more.

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[SPEAKER_03] For one AI company, 80% of the bad actors Radar caught had sailed right through their existing provider.

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[SPEAKER_03] Another fraud pattern that's escalating quickly is free trial abuse. [SPEAKER_03] In just the last six months, free trial abuse has more than doubled. [SPEAKER_03] And last month, particularly ugly. [SPEAKER_03] For AI businesses, every abusive trial burns real inference costs. [SPEAKER_03] One company we work with was bleeding over $500 on tokens to acquire each paying customer. [SPEAKER_03] How, you might ask? [SPEAKER_03] They were bankrolling 25 trials just to get one conversion. [SPEAKER_03] Now, not every failed trial is abusive, but enough of them are that the economics clearly break. [SPEAKER_03] And you're left with a painful trade-off.

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[SPEAKER_03] Either you keep the free trial and let abuse eat your margin, or you kill it and growth slows. [SPEAKER_03] Well, Radar now removes that trade-off. [SPEAKER_03] You can turn on free trial abuse prevention in the Stripe dashboard with one click. [SPEAKER_03] Radar predicts which trials are abusive, letting good users through while keeping bad actors away from your tokens. [SPEAKER_03] You just saw free trial abuse accelerating, right? [SPEAKER_03] Now, watch what happens when we isolate the businesses that adopted our solution. [SPEAKER_03] A similar exponential curve, and then an adoption, a dramatic drop in abuse. [SPEAKER_03] Radar has been very successful.

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[SPEAKER_03] Across eight high-growth AI businesses, Radar blocked more than 3.3 million risky free trial attempts in the last month alone. [SPEAKER_03] Okay, and then there's pay-as-you-go abuse. [SPEAKER_03] So this is a customer coming in, consuming thousands of dollars of tokens over the course of the month, getting billed at the end, and then never paying. [SPEAKER_03] It's like a Michelin star, all-you-can-eat, dine-and-dash, but for tokens. [SPEAKER_03] Radar now predicts nonpayment as that usage accumulates, which means well before the bill comes due,

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[SPEAKER_03] Across eight high-growth AI businesses, Radar blocked more than 3.3 million risky free trial attempts in the last month alone. Okay, and then there's pay-as-you-go abuse. So this is a customer coming in, consuming thousands of dollars of tokens over the course of the month, getting billed at the end, and then never paying. It's a Michelin star all-you-can-eat dine-and-dash, but for tokens. Radar now predicts nonpayment as that usage accumulates, which means well before the bill comes due, you can require a top-up or cut-off service, or take whatever action fits your risk tolerance.

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So stopping token theft solves a growing part of the problem, but most fraud today still happens at the transaction level. So we've also expanded Radar's coverage of your transactions. Last year, we took Radar beyond cards to ACH and CEPA. Today, we're going further—a lot further—expanding Radar to block high-risk transactions across more payment methods. Now, I'm not going to read them all out because it's all of them. Yes, Radar now protects all of your Stripe payment volume. And by the way, this extends beyond Stripe, too. Radar's same risk scores are available via API for your off-Stripe volume. So one unified fraud layer for your entire business.

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Okay, broader coverage also means the full transaction lifecycle—from the moment of purchase all the way through to disputes. For the disputes that are worth fighting, Smart Disputes compiles and submits the evidence for you, and it recovers 18% more revenue. But now, it also tells you exactly what would strengthen your case. Upload that additional evidence, Smart Disputes recompiles the package, and you win three times more often.

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Finally, we're making Radar more customizable. You can set your risk tolerance and let Radar just adapt to you, balancing fraud protection with your growth objectives. And for those of you who want even more control over how you fight fraud, I'm excited to share that we're starting to offer custom fraud models for your most bespoke needs. You pass us signals unique to your business—product catalog, loyalty data, whatever's relevant—and we marry them with our network data to deploy a model fitted just to you. For every one of our early adopters, custom models are detecting at least 15% more fraud with no increase in false positives.

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So with Radar, you can now defend against new types of fraud, including token theft, protect all of your payments on Stripe, protect your payments off Stripe with that same rigor, win more disputes, and use custom models to meet your bespoke needs. Now, to tell you all about how we're upgrading our revenue suite, here's Tanya. [SPEAKER_03] TANYA PANJARWALER: For most of the last 20 years, revenue models have remained the same. But in the last two years, that's completely changed. The market has moved to pricing based on usage, on outcomes, on hybrid models, and increasingly on tokens.

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This means that your ability to compete depends on a revenue system that can keep up. That's why companies like OpenAI, Lovable, Notion, Zoom, and many more run on the Stripe revenue suite, which includes billing, tax, invoicing, and our data products. Today, I want to show you three ways that we're upgrading it. [SPEAKER_02] First, we're enabling entirely new AI-native business models. Second, we're making Stripe more programmable than ever.

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And finally, we're making your data more accessible in real time. So let's start with business models. If you're an AI-native business, or really any business leaning into AI, you face the same challenge. You need a business model that can handle the agent-fueled explosion in token maxing. Now, the first step is tracking token consumption in real time. But with agents, this is actually a huge distributed systems problem where every millisecond matters. This is why we acquired Metronome, a billing engine that runs as fast as agents do.

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With Metronome, we're building real-time metering—that's counting every token your customers use. Real-time rating—that's applying your pricing to every single one of those tokens as they're consumed. And real-time alerting, so you can cap customers and agents before they outspend their token budget.

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Now, to see it in action, let's welcome Will back to the stage. [SPEAKER_02] Thanks, Tanya.

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Okay, so let's get back to that API reviewer app that I built. And you may recall I was charging a $2 flat fee per view. But the problem with that is plenty of reviews cost us more than $2 worth of compute. So we're going to change the business model. Here's my new pricing page. Now it's going to be $3 per 1 million tokens. [SPEAKER_10] And customers are going to prepay for a block of tokens. And when they run out, Metronome will stop their agents from completing the reviews.

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So let's say Tanya here is our customer. And this time you've asked us to review a whole block of Privy APIs. You're a real crypto wallets enthusiast. And we'll give each agent a $3 token allowance. We'll fire them off. And I've got this dashboard here also so we can see a live visualization of them working. So here we go. And off they go. You can see they're each reviewing their own API. And some are finishing like this one turning green, green. But some are not thanks to Metronome's real-time rating. And by telling us precisely when an agent is out of tokens, Metronome has saved us from extending credit to Tanya and burning even one extra unpaid token.

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But this is also a problem. Because I might be a great trustworthy customer getting incomplete reviews as I run out of tokens. So I could top you up with more. But I might also be a fraudster. And as we heard from Emily earlier, token theft is a huge problem. I've known you a long time and you are a bit sketchy. So I don't want a trail of burned tokens and unpaid bills. So how do we solve this? [SPEAKER_02] Well, what if I could get paid irreversibly in real time for every token burnt? [SPEAKER_10] What if you could stream payments at the same rate that you can burn tokens? [SPEAKER_02] Well, stepping back, payment systems today simply can't do this.

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[SPEAKER_10] Because I might be a great trustworthy customer getting incomplete reviews as I run out of tokens.

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[SPEAKER_10] So I could top you up with more. [SPEAKER_10] But I might also be a fraudster. [SPEAKER_10] And as we heard from Emily earlier, token theft is a huge problem.

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I've known you a long time and you are a bit sketchy.

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[SPEAKER_10] So I don't want a trail of burned tokens and unpaid bills. [SPEAKER_10] So how do we solve this?

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[SPEAKER_02] Well, what if I could get paid irreversibly in real time for every token burnt? What if you could stream payments at the same rate that you can burn tokens? [SPEAKER_02] Well, stepping back, payment systems today just simply can't do this. [SPEAKER_02] You can't do it with cards. You can't do it with ACH or UPI or PIX. And beyond payments, you actually need a different kind of money. You can't do it with fiat. You need stable coins to be able to charge minute sums by the millisecond.

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[SPEAKER_10] So we need to process and settle payments at machine speed. [SPEAKER_10] And that's exactly why we partnered with Paradigm to build Tempo. [SPEAKER_10] It's a blockchain designed specifically for payments. [SPEAKER_10] So, Tanya, I'm going to change up my pricing one more time. [SPEAKER_10] Here's my new pricing page, and I'm going to charge you by the token. [SPEAKER_10] And this time, I'm going to collect payments in real time for each token. [SPEAKER_10] And I'm going to do it by streaming stable coins on Tempo. [SPEAKER_10] So let's reset the dashboard, and we will fire off these agents again.

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[SPEAKER_10] And if this works, you'll see the agent's token use ticking up on the left. [SPEAKER_10] On the right, you'll see real live stable coin micropayments streaming in. [SPEAKER_10] As far as we know, no one's actually done this before. [SPEAKER_10] So we're going to launch the world's first ever tokens paid as burned business model right here on stage. [SPEAKER_10] We're going to do it by streaming stable coins on Tempo.

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So if you pull this off, we can say we've launched America's next top model. Sweet. The world's top new business model. Okay. So I'm going to set these agents off. I'm going to say just a little prayer to the Moscone demo gods.

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[SPEAKER_10] And here we go. [SPEAKER_10] So you can see the agents burning tokens and the payments streaming alongside. [SPEAKER_10] Now, no agents are getting throttled, and there's no risk to me. [SPEAKER_02] Now, let's head over to the Tempo Block Explorer. [SPEAKER_02] So this is the actual Tempo blockchain. [SPEAKER_10] You can see here the payment stream that was opened. [SPEAKER_10] Let's see if we can zoom in here. [SPEAKER_10] There we go. [SPEAKER_10] $3.30, that total. [SPEAKER_10] If I scroll down, you can see these thousands and thousands and thousands of sub-cent. [SPEAKER_10] This is three thousandths of a cent that make up that total.

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[SPEAKER_10] So let's head back. [SPEAKER_10] All the agents are done, and that's it. [SPEAKER_10] We just launched a world's first streaming payments business right here on the stage at Moscone. [SPEAKER_10] And now this is only possible because of Metronome, Tempo, and Stablecoins tracking and paying for these tokens in real time. [SPEAKER_10] So this is a really visceral example of how Stripe is building the economic infrastructure for AI. [SPEAKER_10] Now, to hear more about Tempo and agentic payments, let's welcome Georgios Konstantopoulos, the CTO of Tempo and Paradigm, to the stage. [SPEAKER_10] Georgios, good to see you. [SPEAKER_10] Good to see you.

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[SPEAKER_10] Thanks for being here. [SPEAKER_10] It's wonderful to see our technology shown and you launching new business models on stage. [SPEAKER_10] Some great technology. [SPEAKER_10] So you were a long-time leader and architect in Ethereum, which is one of the most important projects in crypto, but notably not one that was ever really fintech or payments focused. [SPEAKER_10] So what made you want to bring all that crypto expertise over to this problem domain?

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Yeah, so I got started in the crypto space almost ten years ago when I'm born and raised in Greece.

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[SPEAKER_05] We went through financial crisis. [SPEAKER_05] The problem was deeply buried in our bodies.

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[SPEAKER_05] And when we saw what crypto could do, it could enable global 24-7, just open financial access that was really motivating. [SPEAKER_05] And that was great, but it was still very early. [SPEAKER_05] We didn't have the foundational pieces of infrastructure to make anything really work.

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[SPEAKER_10] And if you fast forward to today, there's a tsunami coming, which is the agents that many people have been using in this room, if not everyone. [SPEAKER_10] And we see that this tsunami is just going to trample over existing infrastructure. [SPEAKER_10] We're seeing it already with the Git world. [SPEAKER_05] We're seeing this with databases. [SPEAKER_05] We're about to see this with payments as well. [SPEAKER_05] So we got together and we thought we have this great technology. [SPEAKER_05] Let's point it to an important problem with great people like Stripe.

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[SPEAKER_05] And that was the birth of the Tempo project, the blockchain for payments, stablecoins, and agentic finance.

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[SPEAKER_05] So beyond my amazing app, who else is using Tempo and what are they using it for? [SPEAKER_05] So stablecoins are a great solution for anyone doing B2B payments, remittances, payroll, anything that requires high velocity of money, low fees, global fees, and global programmable. [SPEAKER_05] So the three companies I would mention is one, DoorDash is using Tempo to scale their Dasher payouts globally at low cost, which has a lot of infrastructure costs involved right now.

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[SPEAKER_05] Klarna has issued Klarna USD, which is their own stablecoin that they're deploying across their fintech infrastructure. [SPEAKER_05] And thirdly, Visa, who we work with alongside you guys on the machine payments protocol, which they're using to make it the most frictionless way to talk to agents. [SPEAKER_05] And they're also running a validator alongside Stripe and Standard Short-Denert and a few others. [SPEAKER_05] Heard of Visa. [SPEAKER_05] Yeah, I heard of them. [SPEAKER_05] Good payments company. [SPEAKER_05] And of course Stripe is using Tempo for our financial accounts and a lot of our global accounts. [SPEAKER_05] Absolutely.

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[SPEAKER_05] So you guys ship fast deposit addresses earlier this week. That was great. [SPEAKER_05] If you could just name two exciting things coming, what would they be? [SPEAKER_05] Yeah. [SPEAKER_05] Well, one, I think it's insane for anyone to be using stablecoins and clear text without privacy. [SPEAKER_05] So the biggest problem that we're tackling up next in production is going to be privacy, private, global, 24-7 payments. [SPEAKER_05] And the other part is further preparing for the tsunami. [SPEAKER_10] So further scale, more optimization of our software, just making sure that the agents can crank.

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[SPEAKER_10] We're all getting ready for the tsunami. Thank you, Georgios. [SPEAKER_10] Thank you. [SPEAKER_10] Tanya, back to you. [SPEAKER_10] Thanks Will and Georgios. [SPEAKER_10] So now for the second upgrade to our revenue suite, making Stripe more programmable. [SPEAKER_05] You heard from Patrick earlier, this has always been core to Stripe's identity.

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[SPEAKER_05] So the biggest problem that we're tackling up next in production is going to be privacy, private, global, 24-7 payments.

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[SPEAKER_05] And the other part is further preparing for the tsunami.

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So further scale, more optimization of our software, just making sure that the agents can crank. We're all getting ready for the tsunami. Thank you, Georgios.

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[SPEAKER_10] Thank you.

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Tanya, back to you. Thanks Will and Georgios. So now for the second upgrade to our revenue suite, making Stripe more programmable. [SPEAKER_05] You heard from Patrick earlier, this has always been core to Stripe's identity. [SPEAKER_05] And there's no place that this is more important than in your revenue stack, the operating system of your business. [SPEAKER_05] As a design principle, we strive to make all of Stripe's products extensible.

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[SPEAKER_05] But we also have products specifically built to extend Stripe. [SPEAKER_05] Like custom maps, which let you build bespoke interfaces directly in the Stripe dashboard. [SPEAKER_05] And Workflows, a visual builder that lets you program actions directly in Stripe. [SPEAKER_05] But here's the thing. [SPEAKER_05] No matter how many features we build, there will always be logic unique to your business. [SPEAKER_10] Logistics companies run on shipments, insurance companies run on policies and claims, and none of those things exist natively in Stripe.

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[SPEAKER_02] So you end up maintaining separate systems, stitching them together with metadata, clicking in and out of the Stripe dashboard, and writing custom code just to run routine tasks. [SPEAKER_02] Well, that ends today. [SPEAKER_02] Today, we're introducing custom objects, a new primitive that lets you bring your business data and your business logic directly into Stripe.

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[SPEAKER_02] And when you compose custom objects with custom maps and workflows, you get something really powerful, a made-to-order version of Stripe. [SPEAKER_02] So let's take a look at a couple examples.

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[SPEAKER_02] Here's a custom object and method a logistics and fulfillment company could define in code.

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[SPEAKER_02] And here you can see it reflected in a custom map they could build inside the Stripe dashboard. [SPEAKER_02] Now, the fields you see here are tracking numbers, destinations, carriers. [SPEAKER_02] They aren't native to Stripe. [SPEAKER_02] They're specific to how this business actually operates.

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[SPEAKER_02] Now, let's take a look at a workflow an insurance company could create within Stripe to handle complex policy cancellations. [SPEAKER_02] It includes everything from triggering different approval chains based on the size of refund required to the email notifying a customer that their cancellation is approved. [SPEAKER_02] Think about what this unlocks for your support, finance, and operations teams who already spend a bunch of time in Stripe. [SPEAKER_02] They no longer have to use multiple tools to do routine work because you can tailor Stripe to the shape of your business. [SPEAKER_02] And our commitment to extensibility doesn't stop there.

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[SPEAKER_02] We just talked about how you can build a custom app. [SPEAKER_02] You can also build public apps for the broader Stripe ecosystem. [SPEAKER_02] And today we're expanding apps with full-page experiences. [SPEAKER_02] At Builders, the Stripe dashboard is now your playground. [SPEAKER_02] Now, let's go to the third upgrade, making your data accessible in real time. [SPEAKER_02] Some of the most valuable data about your business already lives in Stripe. [SPEAKER_02] And we've been on a journey with many of you to make that data easier to use wherever your business runs.

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[SPEAKER_02] You told us you wanted to query your Stripe data to generate reports, so we built Stripe Sigma. [SPEAKER_02] You told us you wanted to sync your data with your own warehouse, so we built Data Pipeline. [SPEAKER_02] And more recently, you told us you wanted real-time access to your Stripe data in a nice structured database. [SPEAKER_02] So today, we're launching Stripe database. [SPEAKER_02] It's a Postgres database you and your agents can use to understand your business as it is right now. [SPEAKER_02] Not as it was a few minutes ago. [SPEAKER_02] And coming soon, we're adding write access, custom objects, and third-party storage.

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[SPEAKER_02] Stripe database is available in private preview, and you can go to our docs to request access today. [SPEAKER_02] We're shipping a lot of updates to our revenue suite, plenty more than we have time to cover right now. [SPEAKER_02] But I will mention one more that you've been asking for. [SPEAKER_02] Stripe Billing support for contracts. [SPEAKER_02] You'll soon be able to model everything from custom pricing overrides to prepaid credit commitments to amendments, all natively in Stripe. [SPEAKER_02] So, to recap what we've covered. [SPEAKER_02] Metronome and Tempo for streaming payments. [SPEAKER_02] Custom objects, workflows, and apps to customize Stripe.

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[SPEAKER_02] Full-page public apps in the dashboard. [SPEAKER_02] Stripe database to put all your data to work in real-time. [SPEAKER_02] And billing support for sold contracts. [SPEAKER_02] So, that's it for revenue. [SPEAKER_02] Now to tell us about managing your money on Stripe, here's Neetika. [SPEAKER_02] A new breed of business has emerged. [SPEAKER_02] Startups that are hyper-scaling, super lean, and instantly global. [SPEAKER_02] Many of you are here today. [SPEAKER_02] You're growing faster than any generation of companies before you. [SPEAKER_02] But the one thing that can't seem to keep up is how you manage your money.

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[SPEAKER_02] Your finances are still scattered across half a dozen apps and spreadsheets. [SPEAKER_02] It's a hassle that just doesn't scale. [SPEAKER_02] That's why last summer we introduced financial accounts. [SPEAKER_02] So you can store money in the same place where you already accept payments. [SPEAKER_02] But if you're a rapidly growing global startup, it's not enough to just have your money in one place. [SPEAKER_02] You should be able to move the funds instantly whenever and wherever you need it. [SPEAKER_04] Your idle cash should be earning while you sleep.

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[SPEAKER_04] And you should be able to automate most workflows, freeing up precious time to focus on the rest of your business. [SPEAKER_04] Today we're solving all of that. [SPEAKER_04] I'm super excited to announce the new Stripe Treasury. [SPEAKER_04] It's a new financial operating system that gives startups all the capabilities they need for storing, spending, and managing money. [SPEAKER_04] Powered by both fiat and stablecoin rails. [SPEAKER_04] Let's take a look. [SPEAKER_04] You get multi-currency financial accounts which enable you to hold dollars, pounds, euros, and stablecoins side by side.

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[SPEAKER_04] You can transfer between balances and convert currencies instantly. [SPEAKER_04] Whenever you need, yes, even on weekends and bank holidays.

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[SPEAKER_04] Now, I don't know what you do on weekends. I only convert currencies. [SPEAKER_04] Your accounts come with local routing numbers for getting paid or receiving money. [SPEAKER_04] And in the US, your balance will now also be FDIC insured. [SPEAKER_04] In addition to that, you can create Stripe cards powered by MasterCard to spend directly against your balances. [SPEAKER_04] You can set limits and manage controls right from the dashboard. [SPEAKER_04] And starting today, businesses using Treasury will earn 2% cash back on all card purchases. [SPEAKER_04] There are no special categories, no blackout windows. [SPEAKER_04] We're also adding rewards on balances.

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[SPEAKER_04] Businesses will automatically earn credits when they hold money in Treasury, and they can use these credits to pay down their Stripe fees. [SPEAKER_04] So with all of that, if you're thinking, this sounds a lot like a business banking account, you're right. [SPEAKER_04] In fact, entrepreneurs in more than 50 countries are already using Stripe Treasury as their primary business account. [SPEAKER_04] We're also making Treasury the fastest, easiest, and the cheapest way to move money anywhere in the world. [SPEAKER_04] You can set limits and manage controls right from the dashboard.

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[SPEAKER_04] And starting today, businesses using Treasury will earn 2% cash back on all card purchases. [SPEAKER_04] There are no special categories, no blackout windows. [SPEAKER_04] We're also adding rewards on balances. [SPEAKER_04] Businesses will automatically earn credits when they hold money in Treasury, and they can use these credits to pay down their Stripe fees. [SPEAKER_04] So with all of that, if you're thinking this sounds a lot like a business banking account, you're right. [SPEAKER_04] In fact, entrepreneurs in more than 50 countries are already using Stripe Treasury as their primary business account.

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[SPEAKER_04] We're also making Treasury the fastest, easiest, and the cheapest way to move money anywhere in the world. [SPEAKER_04] You can pay or send money to anyone anywhere using just an email address. [SPEAKER_04] This year, we have more than tripled the number of recipient countries from 50, and Will already mentioned this, to 160. [SPEAKER_04] And we're not solving for just the outbound leg. [SPEAKER_04] As you heard from Ginger, Meta wanted to use stablecoins to send fast and reliable payments to creators in the Philippines and Colombia. [SPEAKER_04] But they couldn't send stablecoins without having crypto wallets on the other end to receive them.

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[SPEAKER_04] That's where Link comes in.

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[SPEAKER_04] Link can now store stablecoins. [SPEAKER_04] And this is a big deal. [SPEAKER_04] This means businesses can simply send stablecoin payouts directly to the 250 million consumers on Link, without having to deal with the complexities of crypto. [SPEAKER_04] Now, if you conceive of Link as a big network of consumers, then Stripe itself is a big network of businesses. [SPEAKER_04] From the world's largest brands to all the fastest growing startups, you are building on Stripe.

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[SPEAKER_04] And along the way, you're buying from each other. [SPEAKER_04] A lot. [SPEAKER_04] 4.8 million times every single day. [SPEAKER_04] This is how often one Stripe business is paying another. [SPEAKER_04] So I'm very excited to share that today we're launching instant transfers. [SPEAKER_04] Thank you. [SPEAKER_04] Starting today, businesses on the Stripe network can send money between treasury accounts at zero cost. [SPEAKER_04] And just to make it super clear, any business on Stripe can now send money to any other business on Stripe, instantly and for free. [SPEAKER_04] Instant and free, two words you don't usually hear together in finance.

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[SPEAKER_04] Now, if you're a high growth startup, or if you aspire to be, you don't want to just manage your money, you want to program it. [SPEAKER_04] So we're making all of Treasury, all the Treasury APIs available via the MCP. [SPEAKER_04] Felix, can you show us? [SPEAKER_04] Of course. [SPEAKER_04] Now, whether you're using your agents off the shelf, or you've built your own interfaces to agents, your team can connect it to Stripe with MCP. [SPEAKER_04] And to illustrate it, we say hello to ChatGPT. [SPEAKER_04] Now, I've already connected to Stripe's MCP server and have granted it access to my Treasury account.

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[SPEAKER_04] But we're live here, so let's make sure everything is hooked up. [SPEAKER_04] So Chat, show me the money in my Stripe balance. [SPEAKER_04] Now, here it is. Perfect. That was quick. [SPEAKER_04] What we're seeing here is a Stripe embedded component. [SPEAKER_04] And it looks just like what I'm used to in the Stripe dashboard. [SPEAKER_04] But let's try something a bit more complicated. [SPEAKER_04] I want to ask my agent to help me pay an invoice. [SPEAKER_07] So I have this PDF. [SPEAKER_07] I'll attach it there. [SPEAKER_07] Pay this invoice. [SPEAKER_07] Two exclamation marks.

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[SPEAKER_07] So now, the agent is checking the invoice details. [SPEAKER_07] It's going to do all the things you expect, like check the due date, check available payment methods, things net settlements, figure out what I'm paying for, whether I've paid for it before. [SPEAKER_07] You didn't use all caps, Felix. That's slow. [SPEAKER_07] Hmm?

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[SPEAKER_07] You didn't use all caps. [SPEAKER_07] So it's detected that the recipient has a Stripe profile. [SPEAKER_07] It's thinking really hard today, which I appreciate. [SPEAKER_07] But I thought, I wish I would think faster. [SPEAKER_07] Oh, great. [SPEAKER_07] So it's detected that the recipient is on the Stripe network. [SPEAKER_07] So we see the Stripe profile. [SPEAKER_07] So we know we can send them a transfer instantly and for free. [SPEAKER_07] And beyond that, it's going to even check my previous payments. [SPEAKER_07] It's checking things whether my financial accounts have money.

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[SPEAKER_07] And it's confirming whether I really want to send $1,300, which it's looking out for me. [SPEAKER_07] Sending the payment now, or so it says. [SPEAKER_04] Confirming a second time. [SPEAKER_04] Confirming a third time. [SPEAKER_07] AI safe. [SPEAKER_04] And payment said successfully. [SPEAKER_07] Successfully. [SPEAKER_07] And because it was on the Stripe network, that means the recipient can start using their funds right away from their treasury account. [SPEAKER_07] So I've got the demo app here. [SPEAKER_07] It's open to my recipient's treasury account. [SPEAKER_07] And so if everything works, I'll just hit refresh. [SPEAKER_07] And it's landed.

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[SPEAKER_07] You just saw an instant free business to business transfer on the Stripe network run entirely via agent and MCP. [SPEAKER_07] Thanks Felix. [SPEAKER_07] All the power of treasury via MCP means that you can manage your money across any AI surface where you work. [SPEAKER_07] So let's recap. [SPEAKER_07] With treasury, you're getting a new financial operating system for all your money management needs. [SPEAKER_07] New this year, we've added ways to earn. [SPEAKER_07] Free instant transfers on the Stripe business network, as you just saw. [SPEAKER_04] Global payouts to 160 countries. [SPEAKER_07] Stablecoin payouts to LINC.

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[SPEAKER_07] And agent ready APIs. [SPEAKER_07] And because treasury is for global companies, we have an incredibly ambitious global roadmap. [SPEAKER_07] Today, treasury is live in 119 countries. [SPEAKER_07] That includes the US and UK and a preview in Europe. [SPEAKER_07] It's powered by stablecoins in 100 countries. [SPEAKER_07] We'll also expand treasury to Australia and Canada and add stablecoin support for another 41 countries this year, bringing the total up to 160. [SPEAKER_07] Now to tell you about how stablecoins are powering treasury and many more of our products. [SPEAKER_04] Here's Henry. [SPEAKER_04] All right.

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[SPEAKER_04] Well, we couldn't talk about money management in 2026 without bringing up stablecoins. [SPEAKER_04] You've heard a little about it. [SPEAKER_04] What we're seeing is a really profound shift in their adoption with businesses large and small building on top of stables the way they adopted the cloud a couple decades ago. [SPEAKER_04] And Stripe's been stepping up its investment too.

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[SPEAKER_04] Bridges orchestration platform enables any business to move money globally with stablecoins.

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[SPEAKER_04] Privy builds better wallets so any developer can easily integrate crypto into their products.

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[SPEAKER_04] That's how I got here. [SPEAKER_04] And together with Paradigm, we're incubating Tempo, a blockchain purpose built for payments.

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[SPEAKER_04] Now, we're already using many of these primitives in Stripe's platform today and the results are showing up. [SPEAKER_04] Instead of some payments taking T plus two, they're immediate. [SPEAKER_04] You've heard a little about it. [SPEAKER_04] What we're seeing is a really profound shift in their adoption with businesses large and small building on top of stables the way they adopted the cloud a couple decades ago. [SPEAKER_04] And Stripe's been stepping up its investment too. [SPEAKER_04] Bridges orchestration platform enables any business to move money globally with stablecoins.

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[SPEAKER_04] Privy builds better wallets so any developer can easily integrate crypto into their products. [SPEAKER_04] That's how I got here. [SPEAKER_04] And together with Paradigm, we're incubating Tempo, a blockchain purpose built for payments. [SPEAKER_04] Now, we're already using many of these primitives in Stripe's platform today and the results are showing up. [SPEAKER_04] Instead of some payments taking T plus two, they're immediate. [SPEAKER_04] Instead of integrating banking rails one at a time, you use one system that works for the entire world.

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[SPEAKER_04] Instead of serving customers based on the country or currency where they live, you can serve them no matter where they are. [SPEAKER_04] And these are programmable rails so you can move millions of dollars just as easily as you move fractions of a cent. [SPEAKER_04] This is truly what internet native money can do. [SPEAKER_08] Now, just like everything else at Stripe, we don't want to keep these capabilities locked inside our own products. [SPEAKER_08] Sharing is caring and we care about all of you. [SPEAKER_08] And so we want you to use the same primitives that we use across Bridge, Privy, and Stripe to build out the best experiences for your users.

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[SPEAKER_08] Stablecoins have matured beyond recognition. [SPEAKER_08] And today they're used by some of the biggest businesses in the world. [SPEAKER_08] But you don't just need a way to store assets. [SPEAKER_08] You also need to transact securely, earn yield, trade, issue cards, and manage balances. [SPEAKER_08] That is a lot to build. [SPEAKER_08] Today that requires dozens of integrations.

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[SPEAKER_08] And we're changing that. [SPEAKER_08] Now, I'm extremely excited to show you something we've been building.

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[SPEAKER_08] These are digital asset accounts. [SPEAKER_08] It's everything you need to build financial products with crypto and stablecoins all in one API. [SPEAKER_08] So you get payments across tokens and chains, built-in fiat on and off ramps, on-chain FX, integrated yield, and flexible custody. [SPEAKER_08] And again, this is all one API. [SPEAKER_08] So you can just get rolling. [SPEAKER_08] I can see from the lack of applause that many of you have not yet touched stablecoin rails. [SPEAKER_08] And we will change this because it's become so much easier. [SPEAKER_08] We'll get there. [SPEAKER_08] We're rolling out these accounts to developers now.

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[SPEAKER_08] And you've already seen them in action, powering Stripe Treasury and Link. [SPEAKER_08] And the same tech serves some of the biggest names in fintech today. [SPEAKER_08] Rem's using our stack to accelerate their international expansion.

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[SPEAKER_08] You'll be able to hear about it later. [SPEAKER_08] Deal is leveraging it to pay global workers instantly. [SPEAKER_08] And DoorDash works with us to pay restaurant owners more quickly with stables. [SPEAKER_08] It's really incredible to see how far the space has come looking at these names here. [SPEAKER_08] But I'm a startup nerd at heart. [SPEAKER_08] And so equally exciting to me is seeing our APIs power a new generation of startups. [SPEAKER_08] I'm going to give you three more companies that we work with. [SPEAKER_08] These are the leaner, faster global startups that Nidica was talking about earlier.

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[SPEAKER_08] And they're quickly becoming some of Stripe's biggest customers.

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[SPEAKER_08] These are companies like Hyperliquid, Chipper Cash, Arc Finance. [SPEAKER_08] All building global businesses on stablecoins. [SPEAKER_08] And okay, I lied. I'm going to give you a fourth name. [SPEAKER_08] This is Felix. [SPEAKER_08] Not to be confused with the very talented Felix who's been standing behind the demo desk all day.

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[SPEAKER_08] Felix is building remittances on WhatsApp. [SPEAKER_08] And today they power more than 5% of the US-Mexico remittance corridor. [SPEAKER_08] This is the largest remittance corridor in the world.

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[SPEAKER_08] And this means that one in every $20 going from the US to Mexico is piped through a single startup. [SPEAKER_08] Thanks to stablecoins. [SPEAKER_08] Now, importantly, this work is not about crypto for crypto's sake. [SPEAKER_08] It's about enabling you to build fundamentally better experiences for your customers, your users, and their money. [SPEAKER_08] Stablecoins are here. And this is just the start for us. [SPEAKER_08] We have a lot to build together. [SPEAKER_08] With that, back to Nidica to talk about what we're shipping for platforms. [SPEAKER_08] Thank you very much. [SPEAKER_08] Here's my favorite part. We've saved the best for the last.

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[SPEAKER_08] Today, Stripe powers more than 16,000 platforms serving over 11 million businesses. [SPEAKER_08] Some of the biggest companies in the world, from Shopify to DoorDash to Substack, use Stripe Connect as the financial backbone of their software. [SPEAKER_08] Platforms are very core to getting financial services distributed to every corner of the economy. [SPEAKER_08] And so we care deeply about helping you succeed. [SPEAKER_08] And I know you've given us feedback on this, so almost every product we've talked about today, we've built it natively for platforms. [SPEAKER_08] I'll give you just two examples, starting with Treasury.

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[SPEAKER_08] We're rolling out embedded components so you can offer your customers all the Treasury capabilities I showed you earlier. [SPEAKER_08] Companies like Squarespace, Techeon, and more are already using Treasury to become the financial home for their customers. [SPEAKER_08] Last year, we announced Radar for Platforms, which combats fraudulent accounts in addition to fraudulent transactions. [SPEAKER_08] New this year with Radar are AI-generated risk scores, along with detailed explanations and recommended actions, so you can move faster to shut down bad actors. [SPEAKER_08] We're seeing platforms using Radar like StyleSeat, Vimeo, Fair Harbor.

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[SPEAKER_08] They are seeing 5.3 times lower losses per fraudulent account, all powered by the Stripe Network. [SPEAKER_08] But here's the thing. As your business scales, growth gets harder. [SPEAKER_08] That's why today I'm super excited to announce that we're launching the Platform Growth Studio. [SPEAKER_08] It's a powerful recommendation engine that analyzes all the data we see across thousands of platforms running on Stripe, and surfaces the best growth opportunities for your business. [SPEAKER_04] Let's take a look.

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[SPEAKER_04] Welcome to the Platform Growth Studio. [SPEAKER_04] Now, right away you can see your top metrics, things like your payment volume, your revenue, margin, and take rate. [SPEAKER_04] But also your top accounts. [SPEAKER_04] But what's new this year is recommendations.

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[SPEAKER_04] These are personalized suggestions for how you can grow your business. [SPEAKER_04] The recommendations with the greatest impact are always right on top.

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[SPEAKER_04] Now, for example, it's suggesting that I can improve my ACH pricing. [SPEAKER_04] But how does Stripe know that? Let's take a look. [SPEAKER_04] And it looks like I've lost $13,000 last month and 75 bps on every single ACH transaction. [SPEAKER_04] Now, here's my take rate over time in green. [SPEAKER_04] But more interestingly is this line in orange, the benchmark, generated from all the data across all the businesses on Stripe. [SPEAKER_04] My peers are just doing a much better job at monetizing than I am. [SPEAKER_04] And so to pick my new pricing, I can use this simulator and I can play with a few different options.

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[SPEAKER_04] I could set it myself or I could just choose a Stripe benchmark.

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[SPEAKER_04] Now, for example, it's suggesting that I can improve my ACH pricing.

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[SPEAKER_04] But how does Stripe know that? Let's take a look. [SPEAKER_04] And it looks like I've lost $13,000 last month and 75 bps on every single ACH transaction. [SPEAKER_04] Now, here's my take rate over time in green. [SPEAKER_04] But more interestingly is this line in orange, the benchmark, generated from all the data across all the businesses on Stripe. [SPEAKER_04] My peers are just doing a much better job at monetizing than I am. [SPEAKER_04] And so to pick my new pricing, I can use this simulator and I can play with a few different options. [SPEAKER_04] I could set it myself or I could just choose a Stripe benchmark.

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[SPEAKER_04] And I hit save and you can see it pop right in using my historical data. [SPEAKER_04] Now, let's go back to recommendations. [SPEAKER_04] A lot of growth is going to come from helping your users adopt new high margin products. [SPEAKER_04] And so here, for example, I can see that with BNPLs, I could stand to make another $12,000 a month. [SPEAKER_04] Now, only 13% of my accounts are using it, so there's just a lot more opportunity. [SPEAKER_07] So, to encourage adoption, I can create a campaign. [SPEAKER_07] I want to offer promotional pricing for these payment methods. [SPEAKER_07] I will target everyone who's eligible.

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[SPEAKER_07] And in just a few clicks, I want to price it at the great rate of 1.5%. [SPEAKER_07] And in just a few clicks, the campaign is live and the new pricing is effective immediately. [SPEAKER_07] Thanks, Felix. [SPEAKER_07] What you just saw is the new platform growth studio. [SPEAKER_07] You can discover opportunities and take action on them all from the Stripe dashboard. [SPEAKER_07] Now, I want to mention two additional products, capital and issuing. [SPEAKER_07] Stripe Capital is one of the most effective ways to stimulate growth on your platform.

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[SPEAKER_07] In fact, we ran a two-year study and we found that when businesses accepted capital offers, they grew 27 percentage points faster than businesses that didn't. [SPEAKER_07] Today, I'm excited to announce a new form of capital, lines of credit. [SPEAKER_07] With a line of credit, small businesses get a ton of flexibility. [SPEAKER_07] They can pull funds only as they need to. [SPEAKER_07] We're expanding capital today to France and Germany, with Australia and Canada to follow soon.

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[SPEAKER_07] Now, issuing represents another massive opportunity for both platforms and fintechs. [SPEAKER_07] Hundreds of companies like Navan, Rippling, Instacart, Affirm and more use Stripe issuing to distribute more than 350 million cards. [SPEAKER_07] Today, I'm going to share the largest set of upgrades that we've made to issuing since we launched it back in 2018. [SPEAKER_07] We've recently added Radar for issuing. [SPEAKER_07] Using Radar, Navan was able to reduce fraudulent disputes by 36%. [SPEAKER_07] We're also adding debit cards to our consumer program.

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[SPEAKER_07] And we're launching issuing for agents so that developers can now easily, and more importantly, safely, give cards to a whole new kind of economic actor. [SPEAKER_04] And finally, the same API developers use for fiat issuing can now be used for stablecoin card issuing. [SPEAKER_04] We're seeing incredible traction on stablecoin backcards. [SPEAKER_04] Fintechs like Phantom, Ramp, Jeeves and Zeps are all empowering their users to spend stablecoins anywhere Visa is accepted. [SPEAKER_04] Using stablecoins, we're now able to offer Stripe issuing in 100 countries. [SPEAKER_04] So to bring it all back, Stripe is built for platforms.

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[SPEAKER_04] We're shipping updates to Treasury and Radar, optimized to your needs. [SPEAKER_04] We're giving you a new growth studio powered by Stripe's data. [SPEAKER_04] And we're expanding the capabilities of both capital and issuing. [SPEAKER_04] And as Henry shared, developers everywhere can now build great products on stablecoins with digital asset accounts. [SPEAKER_04] Now to hear from one of the world's leading platforms, Shopify, please welcome Kate Royer, Chief of Staff at Shopify and Will.

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[SPEAKER_04] Kate, welcome to Sessions. Thanks for being here. [SPEAKER_04] Thanks for having me. This is exciting. [SPEAKER_04] So we just heard from Nitika and self-evident, Shopify, one of the great platform companies in the world. [SPEAKER_04] But I feel like it's still almost slightly misunderstood because people think a lot about software and SaaS when in fact you guys have quietly become one of the world's largest financial institutions over the past decade or so. [SPEAKER_04] So how does that factor into the strategy and what do you have to think about day to day to make that happen?

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[SPEAKER_04] Yeah, I mean I think Stripe has been a really great partner in all of our financial work, or most of it anyway. [SPEAKER_04] We really discovered that merchants, especially those at scale, they need global acquiring. [SPEAKER_04] They need sophisticated fraud tooling. They need multi-currency payouts. [SPEAKER_04] And so we had to adapt our product. [SPEAKER_04] Among the many things on the Shopify finance suite, we have Shopify Balance, which is on top of Stripe. [SPEAKER_04] You launched that a couple, three years ago, four years ago?

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Something like that, yes. And it's only currently in the US, but merchants love it. It just simplifies their business banking needs. Anyway, we're hoping to expand and Stripe's global footprint definitely makes that possible faster. You guys also do Shopify Capitals. You've got a whole suite of financial services tools that you're bringing to your merchants. That's right. We're also partnering on money movement with digital assets. Our teams have been collaborating on stablecoin storage.

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And I think I heard we will be becoming a validator node on the Tempo Network. Yeah, I heard that as well. Yeah. And so one of the other things that Shopify is known for is driving growth for its users. And we made a fun but quick announcement earlier that the Shopify catalog will now be able to be discovered through ACS. So basically, if you're using the agentic commerce suite, agents will be able to surface Shopify products directly in their experiences. [SPEAKER_10] Tell us more about the catalog. How does it work? Yeah. So it's our global product catalog.

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[SPEAKER_10] But I think what makes it special is that we have put in exceptional work to organize products with structured data, clean attributes, real time accuracy. [SPEAKER_06] These things are crucial for AI commerce so that agents can find quality results. [SPEAKER_06] You know, black Viore leggings shipping to Canada or Glossier Boy Brow in Auburn. [SPEAKER_10] Yeah. We're now world class at these kinds of queries. [SPEAKER_10] And increasingly complex queries will be supported. [SPEAKER_10] And are we talking tens of millions, hundreds of millions of products?

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[SPEAKER_10] No, more than that. The catalog API will give you access to millions of shops and billions of products. [SPEAKER_06] Okay. So Shopify is pretty big.

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[SPEAKER_06] So you can go build amazing new commerce or shopping experiences. [SPEAKER_06] Yeah. So an announcement which we didn't mention today, but maybe people saw over the past week, is that Stripe is excited to join the general committee of the Universal Commerce Protocol. [SPEAKER_06] Something that you guys pioneered. So thank you for having us. And thank you to Google as well. [SPEAKER_06] Tell us about UCP. Just how did it come about and what makes it special? [SPEAKER_06] Yeah. When we first started UCP with Google, we had one question. [SPEAKER_10] And are we talking tens of millions, hundreds of millions of products?

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[SPEAKER_10] No, more than that. The catalog API will give you access to millions of shops and billions of products. [SPEAKER_06] Okay. So Shopify is pretty big. [SPEAKER_06] So you can go build amazing new commerce or shopping experiences. [SPEAKER_06] Yeah. So an announcement which we didn't mention today, but maybe people saw over the past week, is that Stripe is excited to join the general committee of the Universal Commerce Protocol. [SPEAKER_06] Something that you guys pioneered. So thank you for having us. And thank you to Google as well. [SPEAKER_06] Tell us about UCP. Just how did it come about and what makes it special?

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[SPEAKER_06] Yeah. When we first started UCP with Google, we had one question. [SPEAKER_10] Can you build a single protocol across the full commerce journey that supports any platform and has all the things that need to work to make a transaction trustworthy? [SPEAKER_06] Yep. But a protocol only really matters if the industry adopts it. And so that's what's most exciting. Just last week it was announced that Meta, Amazon, Salesforce, and Microsoft are joining UCP. [SPEAKER_06] And Stripe too. So yeah, I think this for merchants and developers eliminates fragmentation. It's one standard to build on, one specification to implement, one community to support its evolution.

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[SPEAKER_06] And I think this marks an inflection point. We're going to see an even further acceleration in agentic commerce. [SPEAKER_06] Yeah. So on that note, you guys have always been looking around corners with commerce experiences. What do you foresee in the next couple of years for agentic commerce? [SPEAKER_10] Easy question. So hard to know that, but I'm sure everyone here has used an AI, talked to an AI about what to wear to a tech industry conference. [SPEAKER_10] Your agent did a great job, by the way, Will. [SPEAKER_06] Thank you.

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[SPEAKER_06] No, I mean, your agent knows your style, your budget, your sizing, other relevant context. But lately what has happened, and I think we'll see more of this, is these unique finds. [SPEAKER_06] The items you delight in, things that make for really thoughtful gifts. Recently, as an example, an engineer on my team had a baby.

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[SPEAKER_06] And my agent helped with baby gift ideas. And one of them was this book, a super small production run, but it's called Computer Engineering for Babies. [SPEAKER_10] It's a baby book. It's just adorable. [SPEAKER_06] Very Shopify. [SPEAKER_10] It's the perfect gift. So anyway, I think these things used to be hard to find or serendipitous at best. And agents will do this way better. [SPEAKER_10] Yeah. [SPEAKER_10] But I should note that it's a lot more than just syncing a product feed to agents.

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[SPEAKER_10] You know, someone needs to check the inventory, calculate the taxes, loyalty programs and discounts, process the payment, prevent any fraud, and get the things to your door. [SPEAKER_10] Yep. [SPEAKER_06] And this is really where Shopify excels. For over 20 years, we've been unifying this kind of complex commerce lifecycle into what we hope is one magical experience. [SPEAKER_06] We love the partnership. Thank you for being here. [SPEAKER_06] Thanks for having me. Thanks everyone. [SPEAKER_06] Thanks everyone. [SPEAKER_06] All right.

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[SPEAKER_10] So we started off this morning talking about the rise of agents. But agents are only as capable as the models and the data that power them. [SPEAKER_06] And Patrick shared earlier that last year, 1.6% of global GDP ran on Stripe.

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[SPEAKER_06] Well, that amounted to last year, 70 trillion commercial data points flowing through our systems. [SPEAKER_10] So for years, our models trained on all that data have worked quietly in the background powering many of the products you saw today. [SPEAKER_06] We've heard from you that you want more than that. You don't just want the results in the products. You want the actual intelligence behind them as a programmable, flexible building block. [SPEAKER_06] So today, we're introducing something very exciting that gives you and your agents exactly that. It's called Stripe Signals. [SPEAKER_06] So Stripe Signals gives you direct access to our network intelligence.

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[SPEAKER_06] Send us a customer, a transaction, a business, on or off Stripe, and we return a score and an explanation in real time. [SPEAKER_06] Is this transaction risky? Can I trust this business? How can I help convert this customer? [SPEAKER_10] Stripe's network data is one of the most valuable assets in commerce. [SPEAKER_10] And Signals distills that value and puts it in your hands. [SPEAKER_10] Cursor, DoorDash, Navon, Cloudflare, and Eleven Labs are all already building Signals. [SPEAKER_10] And we're launching with 10 Signals today, and many more are on the way.

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[SPEAKER_10] Now, we've covered a lot today across payments, radar, revenue, money management, and embedded finance. [SPEAKER_10] In all of it, every single launch has been inspired by your ideas and your feedback. [SPEAKER_10] But believe it or not, there's even more, a lot more, that we didn't have time to get to. [SPEAKER_06] So I'm excited to announce that there's finally somewhere you can see it all, our brand new public roadmap. [SPEAKER_06] Yep.

SPEAKER_07

[SPEAKER_06] Yeah, you've been asking us for this for years, and Candon, it's my fault you don't have it, so I'm sorry. [SPEAKER_06] But it's live now at Stripe.com/roadmap. [SPEAKER_06] You know, we know that many of you are designing your roadmaps around ours, so we really care that you know what's coming. [SPEAKER_06] This roadmap is the real deal. [SPEAKER_06] It's a precise itemized list with hundreds of detailed entries going through Q1 2027. [SPEAKER_06] And of course, it won't stay static. [SPEAKER_06] You know, we're moving at breakneck speed, so we'll be adding to it consistently.

SPEAKER_07

[SPEAKER_06] Now, we strive to make Stripe the fastest improving infrastructure in the world. [SPEAKER_06] So to that end, if you look underneath all the individual products here, we've made some deep architectural upgrades to Stripe.

SPEAKER_07

[SPEAKER_06] We're making Stripe even more programmable, so you can run as much of your business on Stripe as you want, and build entirely new business models on our primitives.

SPEAKER_04

[SPEAKER_10] We're activating the Stripe network.

SPEAKER_04

[SPEAKER_10] You know, you all are a coalition of the world's fastest growing companies.

SPEAKER_07

[SPEAKER_10] And this network should serve to protect and propel your business.

SPEAKER_04

[SPEAKER_06] And of course, we're building the economic infrastructure for AI.

SPEAKER_07

[SPEAKER_06] You know, the agentic era isn't coming soon.

SPEAKER_07

[SPEAKER_06] It's happening right now. [SPEAKER_06] So I hope you leave today with a bunch of specific ideas for how to seize this moment. [SPEAKER_06] It will be shaped by what all of you in this room build, and what we can build together. [SPEAKER_06] And it's going to happen fast. [SPEAKER_06] Thank you, everyone, and enjoy Stripe sessions.

SPEAKER_07

You just saw an instant free business to business transfer on the Stripe network run entirely via agent and MCP. Thanks Felix.

SPEAKER_07

All the power of treasury via MCP means that you can manage your money across any AI surface where you work. So let's recap. With treasury, you're getting a new financial operating system for all your money management needs. New this year, we've added ways to earn. Free instant transfers on the Stripe business network, as you just saw.

SPEAKER_04

Global payouts to 160 countries.

SPEAKER_07

Stablecoin payouts to LINC. And agent ready APIs. And because treasury is for global companies, we have an incredibly ambitious global roadmap. Today, treasury is live in 119 countries. That includes the US and UK and a preview in Europe. It's powered by stablecoins in 100 countries. We'll also expand treasury to Australia and Canada and add stablecoin support for another 41 countries this year, bringing the total up to 160. Now to tell you about how stablecoins are powering treasury and many more of our products.

SPEAKER_04

Here's Henry.

SPEAKER_04

All right. Well, we couldn't talk about money management in 2026 without bringing up stablecoins. You've heard a little about it. What we're seeing is a really profound shift in their adoption with businesses large and small building on top of stables the way they adopted the cloud a couple decades ago. And Stripe's been stepping up its investment too. Bridges orchestration platform enables any business to move money globally with stablecoins. Privy builds better wallets so any developer can easily integrate crypto into their products. That's how I got here. And together with Paradigm, we're incubating Tempo, a blockchain purpose built for payments.

SPEAKER_04

Now, we're already using many of these primitives in Stripe's platform today and the results are showing up. Instead of some payments taking T plus two, they're immediate. Instead of integrating banking rails one at a time, you use one system that works for the entire world. Instead of serving customers based on the country or currency where they live, you can serve them no matter where they are. And these are programmable rails so you can move millions of dollars just as easily as you move fractions of a cent. This is truly what internet native money can do.

SPEAKER_08

Now, just like everything else at Stripe, we don't want to keep these capabilities locked inside our own products. Sharing is caring and, you know, we care about all of you. And so we want you to use the same primitives that we use across Bridge, Privy, and Stripe to build out the best experiences for your users. Stablecoins have matured beyond recognition. And today they're used by some of the biggest businesses in the world. But you don't just need a way to store assets. You also need to transact securely, earn yield, trade, issue cards, and manage balances. That is a lot to build. Today that requires dozens of integrations. And we're changing that.

SPEAKER_08

Now, I'm extremely excited to show you something we've been building. These are digital asset accounts. It's everything you need to build financial products with crypto and stablecoins all in one API. So you get payments across tokens and chains, built-in fiat on and off ramps, on-chain FX, integrated yield, and flexible custody. And again, this is all one API. So you can just get rolling. I can see from the lack of applause that many of you have not yet touched stablecoin rails. And we will change this because it's become so much easier.

SPEAKER_08

We'll get there. We're rolling out these accounts to developers now. And you've already seen them in action, powering Stripe, Treasury, and Link. And the same tech serves some of the biggest names in fintech today. Rem's using our stack to accelerate their international expansion. You'll be able to hear about it later. Deal is leveraging it to pay global workers instantly. And DoorDash works with us to pay restaurant owners more quickly with stables. It's really incredible to see how far the space has come looking at these names here. But I'm a startup nerd at heart. And so equally exciting to me is seeing our APIs power a new generation of startups.

SPEAKER_08

I'm going to give you three more companies that we work with. These are the leaner, faster global startups that Nidica was talking about earlier. And they're quickly becoming some of Stripe's biggest customers. These are companies like Hyperliquid, Chipper Cash, Arc Finance. All building global businesses on stablecoins. And, okay, I lied. I'm going to give you a fourth name. This is Felix. Not to be confused with the very talented Felix who's been standing behind the demo desk all day. Felix is building remittances on WhatsApp. And today they power more than 5% of the US-Mexico remittance corridor. This is the largest remittance corridor in the world.

SPEAKER_08

And this means that one in every $20 going from the US to Mexico is piped through a single startup. Thanks to stablecoins.

SPEAKER_08

Now, importantly, this work is not about crypto for crypto's sake. It's about enabling you to build fundamentally better experiences for your customers, your users, and their money. Stablecoins are here. And this is just the start for us. We have a lot to build together. With that, back to Nidica to talk about what we're shipping for platforms. Thank you very much. Here's my favorite part. We've saved the best for the last. Today, Stripe powers more than 16,000 platforms serving over 11 million businesses. Some of the biggest companies in the world, from Shopify to DoorDash to Substack, use Stripe Connect as the financial backbone of their software.

SPEAKER_08

Platforms are very core to getting financial services distributed to every corner of the economy. And so we care deeply about helping you succeed. And I know you've given us feedback on this, so almost every product we've talked about today, we've built it natively for platforms.

SPEAKER_08

I'll give you just two examples, starting with Treasury. We're rolling out embedded components so you can offer your customers all the Treasury capabilities I showed you earlier. Companies like Squarespace, Techeon, and more are already using Treasury to become the financial home for their customers. Last year, we announced Radar for Platforms, which combats fraudulent accounts in addition to fraudulent transactions. New this year with Radar are AI-generated risk scores, along with detailed explanations and recommended actions, so you can move faster to shut down bad actors. We're seeing platforms using Radar like StyleSeat, Vimeo, Fair Harbor.

SPEAKER_08

They are seeing 5.3 times lower losses per fraudulent account, all powered by the Stripe Network. But here's the thing. As your business scales, growth gets harder. That's why today I'm super excited to announce that we're launching the Platform Growth Studio.

SPEAKER_04

It's a powerful recommendation engine that analyzes all the data we see across thousands of platforms running on Stripe, and surfaces the best growth opportunities for your business. Let's take a look. Welcome to the Platform Growth Studio. Now, right away you can see your top metrics, things like your payment volume, your revenue, margin, and take rate. But also your top accounts. But what's new this year is recommendations. These are personalized suggestions for how you can grow your business. The recommendations with the greatest impact are always right on top. Now, for example, it's suggesting that I can improve my ACH pricing.

SPEAKER_04

But how does Stripe know that? Let's take a look. And it looks like I've lost $13,000 last month and 75 bps on every single ACH transaction. Now, here's my take rate over time in green. But more interestingly is this line in orange, the benchmark, generated from all the data across all the businesses on Stripe. My peers are just doing a much better job at monetizing than I am. And so to pick my new pricing, I can use this simulator and I can play with a few different options. I could set it myself or I could just choose a Stripe benchmark. And I hit save and you can see it pop right in using my historical data. Now, let's go back to recommendations.

SPEAKER_04

A lot of growth is going to come from helping your users adopt new high margin products. And so here, for example, I can see that with BNPLs, I could stand to make another $12,000 a month. Now, only 13% of my accounts are using it, so there's just a lot more opportunity.

SPEAKER_07

So, to encourage adoption, I can create a campaign. I want to offer promotional pricing for these payment methods. I will target everyone who's eligible. And in just, oh, and I want to price it at the great rate of 1.5%. And in just a few clicks, the campaign is live and the new pricing is effective immediately.

SPEAKER_07

Thanks, Felix. What you just saw is the new platform growth studio. You can discover opportunities and take action on them all from the Stripe dashboard. Now, I want to mention two additional products, capital and issuing. Stripe Capital is one of the most effective ways to stimulate growth on your platform. In fact, we ran a two-year study and we found that when businesses accepted capital offers, they grew 27 percentage points faster than businesses that didn't. Today, I'm excited to announce a new form of capital, lines of credit. With a line of credit, small businesses get a ton of flexibility. They can pull funds only as they need to.

SPEAKER_07

We're expanding capital today to France and Germany, with Australia and Canada to follow soon.

SPEAKER_07

Now, issuing represents another massive opportunity for both platforms and fintechs. Hundreds of companies like Navan, Rippling, Instacart, Affirm and more use Stripe issuing to distribute more than 350 million cards. Today, I'm going to share the largest set of upgrades that we've made to issuing since we launched it back in 2018. We've recently added Radar for issuing. Using Radar, Navan was able to reduce fraudulent disputes by 36%. We're also adding debit cards to our consumer program. And we're launching issuing for agents so that developers can now easily, and more importantly, safely, you saw how safe AI is,

SPEAKER_04

give cards to a whole new kind of economic actor. And finally, the same API developers use for fiat issuing can now be used for stablecoin card issuing. We're seeing incredible traction on stablecoin backcards. Fintechs like Phantom, Ramp, Jeeves and Zeps are all empowering their users to spend stablecoins anywhere Visa is accepted. Using stablecoins, we're now able to offer Stripe issuing in 100 countries. So to bring it all back, Stripe is built for platforms. We're shipping updates to Treasury and Radar, optimized to your needs. We're giving you a new growth studio powered by Stripe's data. And we're expanding the capabilities of both capital and issuing.

SPEAKER_04

And as Henry shared, developers everywhere can now build great products on stablecoins with digital asset accounts. Now to hear from one of the world's leading platforms, Shopify, please welcome Kate Royer, Chief of Staff at Shopify and Will.

SPEAKER_04

Kate, welcome to Sessions. Thanks for being here. Thanks for having me. This is exciting. So we just heard from Nitika and sort of self-evident, Shopify, one of the great platform companies in the world. But I feel like it's still almost slightly misunderstood because people think a lot about software. And SaaS when in fact you guys have quietly become one of the world's largest financial institutions over the past decade or so. So how does that factor into the strategy and what do you have to think about day to day to make that happen? Yeah, I mean I think Stripe has been a really great partner in all of our financial work, or most of it anyway.

SPEAKER_04

We really, we've discovered that merchants, especially those at scale, you know, they need global acquiring. They need sophisticated fraud tooling. They need multi-currency payouts. And, you know, so we had to adapt our product. We, you know, I guess among the many things on the Shopify finance suite, we have Shopify Balance, which is on top of Stripe. You launched that a couple, three years ago, four years ago? Something like that, yes. And it's only currently in the US, but merchants love it. You know, it just simplifies their business banking needs. Anyway, we're hoping to expand and Stripe's global footprint definitely makes that possible faster.

SPEAKER_04

You guys also do Shopify Capitals. You've got like a whole suite of financial services tools that you're bringing to your merchants. That's right. We're also partnering on money movement with digital assets. Our teams have been collaborating on stable coin storage. And I think I heard we will be becoming a validator node on the Tempo Network. Yeah, I heard that as well. Yeah. And so one of the other things that Shopify is known for is driving growth for its users. And we made, you know, kind of a fun but quick announcement earlier that the Shopify catalog will now be able to be discovered through ACS.

SPEAKER_04

So basically, if you're using the agentic commerce suite, agents will be able to sort of surface Shopify products directly in their experiences.

SPEAKER_10

Tell us more about the catalog. How's it work? Yeah. So it's our global product catalog. But I think what makes it special is that we have put in exceptional work to organize products with structured data, clean attributes, real time accuracy.

SPEAKER_06

These things are crucial for AI commerce so that agents can find quality results. You know, black Viore leggings shipping to Canada or Glossier Boy Brow in Auburn.

SPEAKER_10

Yeah. We're now world class at these kinds of queries. And increasingly complex queries will be supported. And are we talking tens of millions, hundreds of millions of products? No, more than that. The catalog API will give you access to millions of shops and billions of products.

SPEAKER_06

Okay. So Shopify is pretty big. So you can go build amazing new commerce or shopping experiences. Yeah. So an announcement which we didn't mention today, but maybe people saw over the past week, is that Stripe is excited to join the general committee of the Universal Commerce Protocol. Something that you guys pioneered. So thank you for having us. And thank you to Google as well. Tell us about UCP. Just how did it come about and what makes it special? Yeah. When we first started UCP with Google, we had one question.

SPEAKER_10

Can you build a single protocol across the full commerce journey that supports any platform and has all the things that need to work to make a transaction trustworthy?

SPEAKER_06

Yep. But a protocol only really matters if the industry adopts it. And so that's what's most exciting. Just last week it was announced that Meta, Amazon, Salesforce, and Microsoft are joining UCP. And Stripe too. So yeah, I think this for merchants and developers eliminates fragmentation. It's one standard to build on, one specification to implement, one community to support its evolution. And I mean, I think this sort of marks an inflection point. We're going to see an even further acceleration in agentic commerce.

SPEAKER_06

Yeah. So on that note, you guys have always been sort of looking around corners with commerce experiences. What do you foresee in the next couple of years for agentic commerce?

SPEAKER_10

I mean, easy question. So hard to know that, but I'm sure everyone here has used an AI, talked to an AI about, I don't know, like what to wear to a tech industry conference. Your agent did a great job, by the way, Will.

SPEAKER_06

Thank you.

SPEAKER_06

No, I mean, your agent knows your style, your budget, your sizing, other relevant context. But lately what has happened, and I think we'll see more of this, is sort of these unique finds. The sort of items you delight in, things that make for really thoughtful gifts. You know, recently, as an example, an engineer on my team had a baby. And my agent helped with baby gift ideas. And one of them was this book, a super small production run, but it's called Computer Engineering for Babies.

SPEAKER_10

It's a baby book. It's just adorable.

SPEAKER_06

Very Shopify.

SPEAKER_10

It's the perfect gift. So anyway, I think these things used to be hard to find or serendipitous at best. And agents will do this way better. Yeah. But I should note that it's a lot more than just syncing a product feed to agents. You know, someone needs to check the inventory, calculate the taxes, loyalty programs and discounts, process the payment, prevent any fraud, and oh yeah, get the things to your door. Yep.

SPEAKER_06

And this is really where Shopify excels. For over 20 years, we've been unifying this kind of complex commerce lifecycle into, you know, what we hope is one magical experience. We love the partnership. Thank you for being here. Thanks for having me. Thanks everyone. Thanks everyone.

SPEAKER_06

All right.

SPEAKER_10

So we started off this morning talking about the rise of agents. But agents are only as capable as the models and the data that power them.

SPEAKER_06

And Patrick shared earlier that last year, 1.6% of global GDP ran on Stripe. Well, that amounted to last year, 70 trillion commercial data points flowing through our systems.

SPEAKER_10

So for years, our models trained on all that data have worked quietly in the background powering many of the products you saw today.

SPEAKER_06

We've heard from you that you want more than that. You don't just want the results in the products. You want the actual intelligence behind them as a programmable, flexible building block. So today, we're introducing something very exciting that gives you and your agents exactly that. It's called Stripe Signals. So Stripe Signals gives you direct access to our network intelligence. Send us a customer, a transaction, a business, on or off Stripe, and we return a score and an explanation in real time. Is this transaction risky? Can I trust this business? How can I help convert this customer?

SPEAKER_10

Stripe's network data is one of the most valuable assets in commerce. And Signals distills that value and puts it in your hands. Cursor, DoorDash, Navon, Cloudflare, and Eleven Labs are all already building the Signals. And we're launching with 10 Signals today, and many more are on the way.

SPEAKER_10

Now, we've covered a lot today across payments, radar, revenue, money management, and embedded finance. In all of it, every single launch has been inspired by your ideas and your feedback. But believe it or not, there's even more, a lot more, that we didn't have time to get to.

SPEAKER_06

So I'm excited to announce that there's finally somewhere you can see it all, our brand new public roadmap. Yep.

SPEAKER_06

Yeah, you've been asking us for this for years, and, Candon, it's kind of my fault you don't have it, so I'm sorry. But it's live now at Stripe.com slash roadmap. You know, we know that many of you are designing your roadmaps around ours, so we really care that you know what's coming. This roadmap is the real deal. It's a precise itemized list with hundreds of detailed entries going through Q1 2027. And, of course, it won't stay static. You know, we're moving at breakneck speed, so we'll be adding to it consistently. Now, we strive to make Stripe the fastest improving infrastructure in the world.

SPEAKER_06

So to that end, if you look underneath all the individual products here, we've made some deep architectural upgrades to Stripe. We're making Stripe even more programmable, so you can run as much of your business on Stripe as you want, and build entirely new business models on our primitives.

SPEAKER_10

We're activating the Stripe network. You know, you all are a coalition of the world's fastest growing companies. And this network should serve to protect and propel your business.

SPEAKER_06

And, of course, we're building the economic infrastructure for AI. You know, the agentic era isn't coming soon. It's happening right now. So I hope you leave today with a bunch of specific ideas for how to seize this moment. It will be shaped by what all of you in this room build, and what we can build together. And it's going to happen fast. Thank you, everyone, and enjoy Stripe sessions.