The sorting machine accelerates winners

The internet economy accelerated in 2025. The fastest-growing companies got even faster, agentic commerce and stablecoin payments started to kick into gear, and total payment volume on Stripe grew by a third as our customers continued to prosper.

Our annual letter covers the trends that we think are worth paying close attention to as the pace of change accelerates.

Timestamps
(01:48) The sorting machine

(05:45) Global by default

(09:01) Stable progress

(12:14) Working capital’s working. Capital!

(15:09) Escaping from low revenue mode

(18:33) The five levels of agentic commerce

(23:52) A Republic of Permissions