Payments behemoth Stripe has agreed to acquire Privy, a crypto wallet infrastructure startup, in an undisclosed deal that significantly expands Stripe’s capabilities within the rapidly evolving digital asset space. The acquisition, announced via an X post on Wednesday, marks Stripe’s second major foray into crypto, following its $1.1 billion purchase of stablecoin platform Bridge.
This strategic move positions Stripe to deliver comprehensive, end-to-end crypto infrastructure solutions, seamlessly integrating Privy’s wallet technology with stablecoin payment rails. The acquisition capitalizes on the explosive growth in institutional adoption of stablecoins, which settled an astounding $27.6 trillion in transactions during the first quarter of 2025 alone—more than double Visa’s entire 2023 settlement volume.
Privy, founded in 2021 by Henri Stern and Asta Li, has emerged as a critical infrastructure provider, enabling companies to embed crypto wallets directly into their platforms. This eliminates the traditional, often cumbersome process of requiring users to create external wallets through providers like MetaMask or Coinbase Wallet. Currently, Privy powers over 75 million accounts across more than 1,000 teams, facilitating billions in transaction volume.
Stripe’s aggressive expansion into crypto aligns with broader institutional momentum and diversification into digital assets. Recent reports indicate that blockchain technology is now in active development at 60% of Fortune 500 companies, with nearly one in five executives prioritizing on-chain initiatives—a 47% increase from the previous year. This institutional embrace is particularly pronounced in the stablecoin sector, where interest among Fortune 500 companies has tripled since 2024, driven by the technology’s ability to address high transaction fees, cross-border payment delays, and currency volatility.
Stripe’s crypto journey began in 2014 with its pioneering support for Bitcoin transactions. While Bitcoin support was later halted due to network inefficiencies, the company re-established its blockchain team in 2021. Renewed crypto ambitions accelerated in October 2024 with the launch of stablecoin payment options, which saw rapid adoption across 70 countries on their first day. This momentum continued with May’s introduction of Stablecoin Financial Accounts, allowing companies in 101 countries to hold and transact in digital dollars, initially supporting Circle’s USDC and Bridge’s USDB, with plans for further integrations.
