Stripe’s 2025 annual letter

The Stripe 2025 annual letter addresses key trends in the internet economy, focusing on the increasing speed of competitive markets, dubbed the "sorting machine," and the rise of global-by-default business models. It highlights that a cohort of companies is pulling away, driven by demand for software and data center investments. The letter also explores the growth of stablecoin payments, despite the crypto winter, and introduces Tempo, a blockchain purpose-built for payments. It discusses the limited availability of capital for small businesses and the positive impact of Stripe Capital on their growth. Furthermore, it emphasizes the importance of optimizing payment setups for mature businesses and explores the evolution of agentic commerce through five levels, stressing the need for universal interoperability. The letter concludes by advocating for the removal of synthetic impediments to innovation and celebrating entrepreneurship.