Stripe unveiled new tools to help businesses use AI and stablecoins, among more than 60 product updates, at its annual user event on 7 May.
In the words of Stripe CEO Patrick Collison, the company announced “a lot of new stuff” with so much unveiled that a portion of it could not even fit into the keynote session.
One of Stripe’s most significant announcements is the launch of the world’s first AI foundation model designed specifically for payments. Called the Payments Foundation Model, it will be rolled out across Stripe’s entire payments platform in an effort to drive performance improvements that were previously out of reach.
An early sign of its impact comes from its ability to combat card testing attacks. Stripe had already reduced such attacks by 80% over two years using earlier models. However, the company reports a 64% improvement in detecting attacks on large businesses almost instantly with the new model.
“There are not one, but two, gale-force tailwinds, well off the Beaufort scale, dramatically reshaping the economic landscape around us: AI and stablecoins,” Collison said.
“Our job is to pull these technologies forward so businesses on Stripe can benefit from them right away.”
Stablecoin advancements
As noted by Stripe’s Co-Founder, AI and stablecoins are poised to reshape the economic landscape. Following the launch of its new AI model, the company’s next major announcement focused on stablecoins.
Stripe introduced Stablecoin Financial Accounts, a new money management feature powered by stablecoins. These accounts aim to let businesses open stablecoin balances, receive funds through both crypto and fiat rails, and send stablecoins globally.
The launch follows Stripe’s acquisition of stablecoin platform Bridge three months ago, putting that deal into action. Stripe will initially support two dollar-pegged stablecoins, USDC and Bridge’s USDB, with more expected soon. This aims to help businesses in countries with volatile currencies better access the global economy.
Other updates
Among the 60+ announcements, Stripe revealed that NVIDIA now uses Stripe Billing to manage subscriptions for its cloud gaming service, GeForce Now. PepsiCo also launched a new website and app using Stripe, enabling direct online ordering and payments.
Furthermore, Stripe announced that Klarna will be added to its consumer payments product, Link, this summer. Additionally, Stripe Terminal is expanding to work with third-party hardware, starting with Verifone.
Collison highlighted a list of highlights from the annual session in a post on X.
The majority of the announcements can also be found on a Stripe blog, which is available HERE.
