人工智能、稳定币和Stripe在下一代商业中的作用2025

EMERGING TECH RESEARCHThe Role of AI, Stablecoins, and PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Stripe in Next-Gen Commerce Paul CondraGlobal Head of PrivateMarkets Research James UlanDirector of EmergingTechnology Research Exploring key announcements at Stripe Sessions 2025and the future of digital payments Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Rudy YangSenior Research Analyst,Enterprise Fintech and RetailFintechrudy.yang@pitchbook.com Data Key takeaways pbinstitutionalresearch@pitchbook.com •Browsing shifts to delegating:Agentic commerce is happening now, withStripe Sessions showcasing AI agents completing end-to-end purchasesacross multiple product categories. Driving this shift are MCPs, Stripe’s newOrder Intents API, and support from Visa and Mastercard for AI-poweredshopping experiences. PublishingDesigned byJosie DoanandChloe Ladwig Published on May 15, 2025 •Agent optimization is the next SEO:Product metadata must be structured forAI-agent discoverability. Businesses need to implement identity and permissionprotocols to distinguish legitimate delegated agents from malicious bots. Contents Key takeaways1Introduction2Internet commerce’s evolving paradigm2Delegating is the new browsing4Rationalizing the hype behind stablecoins6Stripe’s strategic direction8 •Checkout flows must serve machines:AI agents fail when confronted withredirects and disjointed UX. Embedded checkouts built for programmatic accessachieve conversion rates of 1% to 11% versus 0.001% to 0.1% for “link out” flowsrequiring separate browser or app completion. •Stablecoins are becoming critical financial infrastructure:Industry leadersare rapidly launching new stablecoin products. Airtm, Félix Pago, and Remoteuse stablecoins for payroll, inflation hedging, and treasury operations. Stripe’sStablecoin Financial Accounts enable businesses to send, receive, and holddollar-denominated balances in 101 countries, competing with banks and cross-border payment providers. Stablecoins are also positioned as the native paymentrail for AI agents through global 24/7 operation, programmable controls, andinstant settlement. •Real volumes back the stablecoin hype:Stablecoin adoption is robust, withvolumes growing 54% YoY to $5.7 trillion in 2024 and total supply doubling to$238 billion. PitchBook recorded $912 billion of VC investment in stablecoinbusinesses in 2024. •Expect stablecoin adoption to accelerate:Standard Chartered estimatesstablecoin supply will grow to $2 trillion by 2028,1while Stripe Sessions panelistsestimated stablecoins could power 10% to 30% of global payment volumewithin five years. The runway is substantial, as stablecoins comprise just 2.9%of the $194.6 trillion cross-border payments market. Stablecoins will competefor traditional bank deposits and become core settlement infrastructure foragentic commerce. •AI companies are outpacing traditional growth curves:AI companies on Stripethat were founded in the past three years reached $5 million ARR at a mediantime of nine months,2setting new standards for rapid scaling with lean teams. •Breakout growth sectors share key traits:On average, AI companies, SaaSplatforms, and creator economy businesses achieve $1 million to $10 million inrevenue in under two years, sharing four key traits: early global reach, specializedsolutions, innovative pricing models, and strong operational leverage. •Businesses are committed to AI:Despite high churn between different AIproducts, businesses show strong category-level commitment to AI. Stripe co-founder John Collison noted, “people are eagerly switching between AI tools,but nobody’s going back to thinking by themselves,” suggesting businesses areunlikely to revert to a pre-AI baseline. •Stripe is furthering global commerce infrastructure:Stripe is transforming froma developer-friendly payments API into a comprehensive infrastructure provider,unveiling over 60 new products, including its Order Intents API for AI-agenttransactions, Stablecoin Financial Accounts in 101 countries, and a payments-specific AI foundation model that improves fraud detection by 64%. Introduction This note explores the key discussions and announcements at Stripe Sessions 2025.We cover three themes from the conference: agentic commerce, stablecoins, andStripe’s strategic direction. Internet commerce’s evolving paradigm Three high-growth verticals While the topic of economic uncertainty was acknowledged at Stripe Sessions 2025,Stripe co-founders and brothers Patrick and John Collison offered a compellingvision of acceleration rather than constraint. Patrick and John identified three key sectors generating breakout growth, definedas reaching $1 million to $10 million in revenue in under two years: AI companies,software-as-a-service (SaaS)