Original Author: 100y.eth, Research Director at Four Pillars
Original Translation: Luffy, Foresight News
Key Points
There are rumors circulating in the cryptocurrency community that Stripe may launch its own L1 network. Given that the next step recently involved acquiring Bridge and Privy, launching its own blockchain may be a logical next step.
Stripe is a leading global payment service provider (PSP) that plays a key role in ensuring smooth and secure transactions by connecting merchants, acquirers, card networks, and issuing banks at a technical level.
If Stripe does launch an L1 network, the basic expectation is to support the use of stablecoins and integrate Stripe L1 into customer payments and merchant settlements. In an optimistic scenario, it could fundamentally change the payment system, enabling: 1) direct payments that bypass issuing institutions and networks; 2) micro-subscriptions that were previously unachievable in traditional systems; and 3) generating revenue from short-term deposit balances held on the Stripe L1 platform.
While Stripe currently mainly acts as a payment gateway and acquirer, a potential Stripe L1 would enable the company to take on roles traditionally held by issuing banks and card networks. This would mark a significant milestone in the history of the payment industry.
- Will Stripe Really Launch an L1?
Image Content Translation: There are rumors that they (Stripe) will launch L1, rather than following Robinhood to launch L2. This has not been officially confirmed, but I have learned about this from multiple sources. Source: Twitter user @ayyyeandy
Rumors suggest that Stripe, a global payment infrastructure company, will be the next large fintech company to launch its own chain; another rumor stems from Paradigm's recent secret recruitment for a portfolio project, leading some to speculate that this is Stripe L1.
No one outside of insiders can confirm whether Stripe will launch L1. However, given the recent surge of interest in blockchain and the stablecoin industry from traditional finance in the U.S., as well as the increasing blockchain integrations by credit card networks like Visa and Mastercard, and Robinhood's announcement of plans to tokenize stocks via Arbitrum, the rumors about Stripe launching L1 are enough to attract community attention.
Stripe's mission is to enhance the GDP of the internet. The company is committed to building global economic infrastructure to help businesses of all sizes (from startups to large enterprises) manage online payments, operations, and growth. From this perspective, blockchain is an extremely attractive technology for Stripe.
In fact, Stripe has been actively expanding its blockchain-related business. In February 2025, Stripe acquired the stablecoin infrastructure company Bridge for approximately $1.1 billion, strategically strengthening its position in the stablecoin-based financial infrastructure sector. Building on this, Stripe launched the "Stablecoin Financial Account" service at the Stripe Sessions event in May 2025.
This service covers 101 countries/regions, allowing businesses to:
Hold USDC issued by Circle and USDB issued by Bridge
Deposit and withdraw stablecoins through ACH for USD transfers and SEPA for Euro transfers
Deposit and withdraw USDC on blockchains such as Arbitrum, Avalanche C-Chain, Base, Ethereum, Optimism, Polygon, Solana, and Stellar
This means that businesses in 101 countries can easily access USD stablecoins through Stripe and seamlessly integrate with the traditional banking system for convenient USD deposits, withdrawals, and payments.
Additionally, in June 2025, Stripe acquired the Web3 wallet infrastructure startup Privy, which provides features such as wallet creation via email or single sign-on (SSO), transaction signing, key management, and gas abstraction.
Based on these actions, the rumors about Stripe potentially launching L1 to expand its blockchain business are not unfounded. In other words, Stripe now has stablecoin infrastructure and wallet infrastructure, so launching a blockchain network that can synergize with them may be a logical next step.
2. What Would Happen If Stripe Launched an L1 Network?
Of course, there is no confirmation yet on whether Stripe will launch an L1 platform; it is currently just a rumor. However, we can speculate on how Stripe might apply its own L1 platform and what previously impossible services it could offer. The following ideas are purely personal imagination and should not be taken too seriously; consider them as inspiration for "how blockchain can be used in payment services."
2.1 Stripe's Role as a Payment Service Provider
To understand what improvements blockchain can bring, it is essential to understand the types of services Stripe provides. Stripe is the most well-known PSP (payment service provider). PSPs act as a technical bridge between merchants, acquirers, card networks, and issuing banks, ensuring smooth and secure payments. Specifically, Stripe plays the following roles:
Payment Gateway: When customers make card payments online or offline, Stripe securely collects card information, encrypts it, and transmits it to the card network and issuing bank.
Supports Multiple Payment Methods: It integrates various payment options, including credit cards, digital wallets, bank transfers, and local payment methods for customers and merchants.
Fraud Detection and Security: It uses machine learning-based fraud detection and security standards (such as PCI-DSS compliance) to prevent fraudulent transactions.
Multi-Currency and International Payment Support: Facilitates international sales through automatic currency conversion.
Reporting and Analytics: Provides merchants with detailed insights into transaction history, success rates, and customer behavior to help optimize business operations.
Technical Integration and Operational Support: Helps businesses easily build payment systems through APIs and SDKs, handling customer support, compliance, refunds, and billing operations.
Enhanced Customer Experience: Offers a fast and smooth payment process, supporting various scenarios such as subscription billing, installment payments, and refunds.
Merchant Settlement Intermediary: PSPs work with acquirers or act as acquirers themselves to settle funds received from issuing banks to merchants.
Without payment service providers today, merchants would have to support various payment methods on their own and navigate the complex process of directly contracting with acquirers. This would severely impact the experience for both merchants and customers.
2.2 What Changes Could Stripe L1 Bring?
If Stripe does launch an L1 platform, how would it improve existing services? What new features could it bring? I propose the following ideas:
2.2.1 Benchmark Case
Integration of Merchant Stablecoin Financial Accounts with Stripe L1
Stripe currently provides stablecoin financial accounts for merchants in 101 countries, allowing them to hold USDC and USDB stablecoins and deposit or withdraw them through traditional banking systems (ACH, SEPA, etc.) and various blockchain networks.
If Stripe L1 officially launches, it is expected that the stablecoin financial account service will also support deposits and withdrawals through Stripe L1. Additionally, merchants could use the stablecoins they hold on Stripe L1 for various financial activities.
Merchant Stablecoin Settlement Options
As a payment service provider, Stripe can collaborate with acquirers or settle merchants' sales revenue itself. If Stripe L1 goes live, merchants may be able to choose to settle using USD-based stablecoins. This would undoubtedly be a significant advantage for merchants with high demand for USD but limited access channels.
Providing Wallet Services for Customers
The infrastructure provided by Privy, which Stripe acquired, makes it easy for users to create and use wallets. Although Stripe primarily serves merchants and businesses and has not yet provided wallet services for individual users, if Stripe L1 utilizes Privy's infrastructure, it could help individual users easily create Web3 wallets on Stripe L1, use stablecoins for payments, and participate in various financial activities within the Stripe L1 ecosystem.
Providing Stablecoin Payment Options for Customers
Currently, customers making online payments through Stripe are limited to credit cards, bank accounts, and other conventional payment methods. If Stripe L1 officially launches, it may allow users to link Web3 wallets (potentially provided by Stripe or third parties) and choose stablecoins as a payment method.
2.2.2 Optimistic Case
Direct Payments Between Customers and Merchants
When customers use traditional payment systems like credit cards or bank accounts, they inevitably rely on traditional financial networks such as card networks and banks. However, if Stripe L1 allows customers to pay merchants directly using stablecoins, it could eliminate the need for issuing banks and card networks, significantly speeding up settlement times and reducing costs. Of course, since payments settled on the blockchain are harder to cancel or refund, appropriate safeguards would need to be implemented.
Subscription Services Based on Micro-Payments
Blockchain can support micro-payments and flow payments for subscriptions that traditional systems cannot achieve. Currently, most of Stripe's subscription services operate on a monthly or annual renewal model, while Stripe L1 could enable billing by the minute. Users would pay strictly based on actual usage, with all payments automatically completed through smart contracts. This would represent a new subscription model, opening the door to various service products built on this foundation.
DeFi Applications of Short-Term Deposits
One of the reasons for the delayed settlement in current payment systems is the need to address issues such as fraud, cancellations, or refunds. Therefore, even if Stripe L1 allows customers to pay merchants directly using stablecoins, the funds are likely to be temporarily held in Stripe L1 rather than being immediately released to the merchants.
These short-term deposits are expected to be substantial and can serve as a large liquidity pool for Stripe L1. For example, these funds could be used as a source of liquidity for DeFi protocols, utilized in lending markets, or invested in bonds to earn interest, thereby significantly enhancing capital efficiency.
3. Final Thoughts
After conducting long-term research on stablecoins and observing their industry and ecosystem, I find the rumors of Stripe's impending launch of L1 indeed intriguing. So far, payment companies like Visa, Mastercard, and PayPal have viewed blockchain and stablecoins as additional features. If Stripe does launch L1, it could mark a historic moment, signaling the beginning of a paradigm shift in payment systems.
While Stripe has thus far played the role of a payment gateway or acquirer, the launch of Stripe L1 could enable it to simultaneously take on the roles of card networks and issuing banks. Additionally, it could enhance payment efficiency through blockchain and enable functionalities that were previously unattainable, such as micro-subscriptions and automated management of short-term deposits.
We are in an era of disruptive innovation in payment systems driven by blockchain. Whether Stripe will truly launch L1 as rumored remains to be seen.
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