Privy 執行長談新金流堆疊：法幣與加密貨幣的無縫融合

0:00穩定幣與新金流基礎建設

0:00謝謝大家來到現場。我今天很興奮要跟大家分享我們怎麼看待穩定幣在我們金流基礎建設中的角色，以及我們在 Stripe 的整體建構方式。我是 Henri，Privy 的共同創辦人暨執行長。目前 Privy 是 Stripe 旗下的全資子公司，我同時也負責 Stripe 內部許多加密貨幣與穩定幣相關的業務。Thank you so much all for being here. I am super excited to tell you a bit more about how we are thinking about stablecoins as part of our stack and the way we're building generally at Stripe. So generally, I'm Henry. I'm the co-founder and CEO of Privy. And I happen to run Privy as a wholly owned subsidiary within Stripe, where I also manage a lot of our work in crypto and stablecoins.

0:33我們的核心主張是，加密貨幣和穩定幣將成為未來十年網路金流的關鍵推手。這會讓企業更快全球化、拓展地理版圖，讓機構和個人都能輕鬆移轉資金，不論是數十億美元還是零點幾分錢。這些成果其實已經在今天實現了。現在穩定幣流通量超過三千億美元，過去八個月有四千億美元透過穩定幣完成支付，卡片結算率也大幅成長，鏈上活動爆炸，正如 Jesse 剛才提到的。Generally, our sort of contention is that crypto and stablecoins are going to be essential drivers for money on the web in the coming decade. They're going to enable businesses to go global faster, grow their geographic footprint. And enable institutions and agents alike to move money really easily, whether that's billions of dollars moving around or fractions of a cent. And the results are already here today. You can see we have, you know, over $300 billion in stablecoin circulation, $400 billion have gone into payments over the last eight months, and we're seeing a massive growth in card settlement rates happening on stablecoin rails, and generally the huge amount of activity happening on-chain, like the stuff that Jesse was just talking about.

1:19全球企業如何用穩定幣加速成長

1:19這些趨勢也反映在我們的用戶和客戶身上。我們看到超過 180 個市場的企業，已經把穩定幣納入核心金融基礎設施，讓他們的業務成長速度遠超過以往。這代表他們用穩定幣來做四件事：持有、轉移、全球消費，以及資產增值。今天我想跟大家深入聊聊這四個動詞。Generally, this is showing up in our usage and our customers as well. We are seeing a huge number of companies across over 180 markets using stablecoins as part of their core financial infrastructure to grow their businesses faster than they could before. And this means really using stablecoin infrastructure to enable four key verbs. This is holding stablecoins, moving them, enabling stablecoins spent anywhere in the world, and growing them. And this is what I want to talk to you about today.

1:52Stripe 雙重使命：開發者平台與產品整合

1:52Stripe 在這個領域有很獨特的定位。我們有兩個核心使命：第一，讓開發者能用我們的基礎建設打造產品，這是我們自己也在用的 stack，我們想做出最強的穩定幣開發平台。第二，我們也要把這個 stack 直接整合進 Stripe 產品本身，讓穩定幣和法幣並存，對終端用戶來說完全無感，他們不用管底層是什麼金流，只要用最快的方式把價值帶給消費者就好。Now, the really cool thing about Stripe's work in this space is that we have a very unique remit. In that we have two core missions. First, we want to enable users to build with the stack. This is a stack that we're using ourselves, but we want to build the best stablecoin developer platform out there. And second, interestingly, is we actually want to incorporate the stack within Stripe products themselves. This means enabling stablecoins side by side with fiat. In a way that's completely invisible to the end user, so they don't have to think about the rails at all. They can just use whatever is the shortest path to bringing value to the end consumer.

2:31我認為這是我們工作方式中特別有趣的一部分，也就是說，我們不僅僅是一家開發者工具公司，顯然不只是這樣，我們還會用我們推出的工具來打造產品。從這個角度來看，我們自己也在使用我們提供給開發者和使用者的同樣產品。在這次演講中，我特別想聚焦在第一個面向，也就是我們是如何思考在我們這個領域打造一個開發者平台的。And I think this is a part of how we work that's particularly interesting, which is to say, we're not just a developer tooling company, obviously, but we build products with the tooling that we put out. And in that sense, we consume the same products that we're giving developers and users alike. And as part of this talk, I really want to focus on the first aspect, which is how are we thinking about building a developer platform in our space.

2:56打造一站式金流平台：從 Privy 到 Stripe 生態

2:56這個故事要從一年前說起。我跟 Klarna 的一位厲害工程師合作，他很想用 Privy。他說 Privy 很適合做錢包，Klarna 每月交易額超過 150 億美元，用戶超多。但他最大的問題是，他不想自己拼湊各種穩定幣 stack 元件，他想要一個端到端、一站式的基礎設施。簡單說，他覺得 Privy 需要更多朋友。To me, the story goes back to a little over a year ago. I was working with a great builder at Klarna, and he was very excited about using Privy. And, you know, Privy is great for wallets. You guys have an insane number of customers. You work, you know, more than $15 billion in transactions every month. You're moving very well. But my core issue is I do not care about stitching together various components as part of a stablecoin stack myself. I want to build with a single piece of infrastructure that works end to end. So his core issue, in a few words, was, I like you guys, but Privy needs friends.

3:38幸好，現在我們有很多朋友。Privy 已經是 Stripe 生態的一部分。我們有 Privy、Stripe、Bridge，分別服務不同客群，提供錢包、協調、卡片等功能，讓你可以打造完整的端到端體驗。我們也跟 Tempo（支付區塊鏈）和 Open Standard（回饋用戶的穩定幣生態）密切合作，目標就是讓像 Klarna 這樣的夥伴，不用一個一個採用元件，而是直接用一整套解決方案。Luckily, today we have a huge number of friends as part of our work within Stripe and in general. Privy comes as part of an end-to-end platform. So you have Privy, Stripe, and Bridge serving their respective customers, enabling wallets, orchestration. Cards, so you can build an end-to-end experience. And we work closely with Tempo on a payments-based blockchain and with Open Standard on basically building a stablecoin ecosystem that actually gives back to the users. And the point is to enable end-to-end journeys so that our friends, like my friend Ludo at Klarna, doesn't have to think about adopting each of these components one by one.

4:21三大核心能力：錢包、協調、卡片

4:21我們正在打造的平台，核心有三大能力：第一是錢包，讓個人、企業、代理人都能大規模持有和管理穩定幣；第二是協調，能把數位資產和法幣資產緊密串接，讓你可以在任何資產、鏈、貨幣間，從傳統金流無縫切換到鏈上金流；第三是卡片，讓用戶可以在全球 Visa、Mastercard 支援的地方，輕鬆花用他們的穩定幣或加密貨幣。This is the platform that we're building. At its core, it has three capabilities: wallets, so people, businesses, and agents can hold and manage stablecoins at scale; orchestration, so we can connect digital and fiat assets really closely together, so you can move basically from traditional rails to on-chain rails across any asset, chain, or currency. And finally, cards. So users can spend their stablecoin or crypto holdings really easily anywhere, you know, Visa and Mastercard are accepted.

4:51我們的重點是把這個 stack 直接用在 Stripe 產品裡。這代表商家可以在所有原本支援法幣的地方，也接受穩定幣支付，甚至在更多國家地區。也能用這些金流做全球匯款、數位銀行服務（像資產存放、獎勵），還有讓用戶在 app 內直接進入穩定幣和加密貨幣世界，甚至自己發行穩定幣來管理公司資金。Now, our core remit is to leverage this stack inside of Stripe itself. This means enabling crypto for payments so that merchants can accept stablecoins anywhere they accept fiat already. And in a far greater set of geos too. It means remittances, so you can pay out globally using these rails really, really easily. It means neobanking, enabling folks to store and hold assets, as well as actually enabling earnings and rewards on top of these assets. It means in-app finance with simple on-ramps into stablecoin and crypto rails. And finally, it means better control over your corporate treasury via issuing your own stablecoins.

5:42全方位或模組化：開發者的雙重選擇

5:42我今天想跟大家談的一部分，就是我們是如何思考打造這個核心平台，讓你可以選擇整體使用，或是只取用其中的部分。這也是我們目前工作中非常有趣的主要二元性，也就是說，我們正在打造開發者工具，我們正在一個元件一個元件地建構整個技術堆疊。我們同時也努力讓它成為一個有凝聚力的整體，這樣如果你不想去思考這些元件，也完全沒問題。And part of what I want to talk to you guys about today is how are we thinking about building this core platform so that you can choose to use it as a whole, or use it in parts. And this is the main duality, I think, that's very interesting about the work that we're doing, which is to say, again, we're building developer tooling, we're building the stack itself, component by component. We're also trying to make it a cohesive whole, so you don't have to think about these components if you don't want to.

6:10隨著加密貨幣從服務早期採用者社群，逐漸轉向金融科技領域的早期主流，多數機構並不想要去思考這些組成元件本身，因此，對我們來說，要嘗試以一種有凝聚力的方式處理這種雙重性，確實是一項真正的挑戰。As crypto moves from serving sort of the early adopter community to an early majority in fintech, most institutions do not want to think about the components themselves, and so it's a real challenge for us to try and work this duality in a cohesive way.

6:25五大原則：實用、整合、體驗、開放、合規

6:25接下來，我會用剩下的時間來拆解我們用來打造這個產品的一些原則。也許第一個原則就是專注於實用性。在 Stripe，我們並不在意為了加密貨幣而做加密貨幣。我們並不執著於某種方法，我認為重點是要用最能為我們的使用者帶來價值的基本工具來建構產品。這代表在最需要的地方使用法幣，也代表在最適合的地方使用加密貨幣。但重點是要為我們的使用者所面臨的問題創造真正的解決方案。So with that, I'm going to spend the rest of my time breaking down principles that we use to build this well. Maybe the first principle is to focus on utility. At Stripe, we do not care about building crypto for crypto's sake. We're not wed to the method, and I think the point is to build with the fundamental tool that will deliver the most value for our users. This means using fiat where it matters most. This means using crypto where it matters most. But the point is to create real solutions for problems that our users are facing.

6:56因此，我們所有的產品決策最終都必須以它們對最終使用者所產生的影響來衡量，而不是受到我們可選用工具組的任何限制所影響。And so all of our product decisions ultimately have to be measured by the impact that they create for the end user, not via any constraint that we have on the toolset that we have to pick.

7:06舉例來說，像 Meta 或 Felix Pago 這類公司，能用我們的基礎設施即時向全球用戶支付。Felix Pago 就是靠穩定幣，才能讓 WhatsApp 上的跨境支付又快又便宜。如果他們想用其他金流也沒問題，重點是解決問題。And so this means really focusing on helping companies like Meta or Felix Pago pay out to users all over the world in real time. So Felix Pago, for instance, enables faster, cheaper cross-border payments via WhatsApp, and they can only do this thanks to stablecoins. But if they'd wanted to use any other rail, that would have been great too.

7:24這讓我進入我的第二個重點，也可以說是第二個原則，那就是要真正無縫地結合加密貨幣和傳統金融基礎設施。這並不是非此即彼的選擇。同樣地，我們並不執著於特定的架構、形式或工具組。我們認為，加密貨幣和法幣必須要有深度的互通性。很合理地，客戶並不希望為了擴展業務而必須徹底更換他們現有的系統，而他們也不應該被迫這麼做。而這正是 Stripe 能夠發揮獨特優勢的地方，因為 Stripe 在過去十五年裡，一直致力於建立在傳統金融基礎設施上的服務。This gets me to my second point and second maybe principle, which is to really marry crypto and traditional rails seamlessly. This isn't about either or. Again, we're not wed to a specific build-out, shape, or tool stack. It's essential, we think, that crypto and fiat be deeply interoperable. Customers, understandably, do not want to have to rip out their stack in order to grow their business, and they shouldn't have to. And this is an area where Stripe can actually do unique things, given the work that Stripe has done in the last 15 years building on traditional financial rails.

8:02舉例來說，Stripe 到目前已經發行超過 4 億張卡片，服務像 Navan、Ramp 這些大企業。這些經驗也能帶進穩定幣領域。Ramp 就同時用 Stripe 做法幣和穩定幣卡片發行，兩者無縫並行，快速拓展全球市場，這正是我們能獨家提供的能力。So I'll take an example here. Stripe has issued more than 400 million cards to date, works with, you know, the likes of Navan and Ramp. And many other larger businesses on credit card issuing programs. And this is expertise that we can bring into stables as well. And so Ramp, for example, is using Stripe across both fiat and stablecoin card issuing programs, where they're able to have the two work seamlessly side by side to grow their global footprint. This is a core part of, I think, what we uniquely enable.

8:34第三個原則是實現端到端的體驗。再說一次，很多開發者想要用技術堆疊中的各種元件來建構產品，但也有一些人只想從頭到尾專注於使用者體驗，而不是去思考如何把不同的元件拼湊在一起。基本上，這是一個我們還有很多工作要做的領域，我認為整個產業也都應該更多地從使用者體驗的角度來思考，而不是只關注工具本身。這是一個我們非常需要成長的巨大領域。對我們來說，這真正代表的是要從「以使用者為優先」的角度來思考。如果你能夠把金融服務以過去做不到的方式導入產品，那你要怎麼讓使用者的旅程感覺是連貫的，讓技術堆疊之間的縫隙不會被察覺呢？The third principle is enabling end-to-end experiences. So again, a lot of builders want to build with components of the stack, but others just want to think about the user experience from end to end, rather than having to think about stitching together disparate components. Essentially, this is an area where we have a lot of work to do still, and I think generally in the space, thinking about the user experience rather than the toolset. It's a huge area of growth that we need. But for us, this really means thinking about this from a user-first standpoint. If you bring financial services into a product in a way that you couldn't before, how do you actually enable a user journey that feels cohesive, where the seams of the stack don't show?

9:15所以在這裡，我很喜歡的一個例子是跟Deel合作。Deel讓公司能夠進行全球薪資發放。透過我們的技術堆疊，他們已經能夠為他們的最終使用者擴展到超過80個國家。所以這是指承包商可以領薪水，並且使用錢包或[不清楚]卡片，能夠在應用程式內持有穩定幣餘額，還能在穩定幣餘額上賺取收益，並且能夠非常輕鬆地花費這些資金。重點再次強調，使用者其實並不在意底層技術，他們只在乎能否從中獲得價值。所以，作為工具開發者，我們必須從最終使用者的體驗來思考。And so here, an example I really like is working with Deel. Deel enables global payroll for companies. And using our stack, they've been able to grow to over 80 countries for their end users. And so this is contractors getting paid and using wallets or [unclear] cards, being able to hold a stablecoin balance in-app, being able to earn on top of the stablecoin balance, and being able to spend down with it really, really easily. And the point again is that the user doesn't care about the stack so much as they want to get value out of it. So as tool builders, we have to think about their experience as an end user.

9:51最後，還有兩點。第一點是擁抱開放系統。這個領域非常獨特的一點，就是加密貨幣讓開放工具和非常模組化的基礎設施成為可能，而我們必須擁抱這些工具。最終，開發者應該能夠使用他們想要的整個系統，或者只用他們偏好的部分。這一點非常重要，因為使用者的需求在不同地區、不同建置之間差異很大，你應該能夠選擇最適合你使用者的技術堆疊。Finally, we have two more. The first is embracing open systems. One of the things that's so unique about this space is that crypto enables open tooling and very, very modular rails, and we have to embrace that tooling. Ultimately, a developer should be able to use the whole system they want to, or they should be able to use the parts that they prefer. This is essential because user needs are very different from geo to geo, from buildout to buildout, and you should be able to pick the stack that is best for your users.

10:23你可以用 Stripe 的 stack（Bridge、Privy、Open Standard、Tempo），也可以把 Bridge 跟 Fireblocks 搭配，或用 Privy 搭 USDC on Solana，都沒問題。重點是每一層產品都能獨立運作，也能完美組合，因為我們本來就設計成這樣。這樣才能支援未來更多創新組合，像 agentic usage 這類彈性應用。And this means that you can use the stack that Stripe uses, using Bridge, Privy, Open Standard, Tempo, or you can use, for instance, Bridge with Fireblocks, or you can use Privy with a USDC on Solana build, and that should work absolutely beautifully, and it does. But again, making sure that the products stand on their own at each layer, and that they layer together super well because they were meant to be used together, is an absolute key driver of our work. Finally, this is very self-serving as well as a side note because it's by enabling these tools to work really well together or separately, we make sure that they can be used as part of configurations we haven't thought of before. So, for example, looking at agentic usage in the future, it's really, really essential that we enable very, very flexible tooling.

11:11最後，這是最重要的一點，我們希望以合規為首要原則。網路貨幣、加密貨幣天生就是全球性的，沒有邊界。但它實際上是在地使用的，因此我們必須在商家、開發者和使用者所處的規範範圍內運作。所以我們必須配合每個我們服務地區現有的監管框架來運作。因此，這代表我們必須在美國、英國、歐洲、亞洲、新加坡等地密切合作，確保我們建立的基礎設施是合規的，讓開發者可以信任並用來擴展他們的業務。表面上看，這也是我非常興奮能來到新加坡的原因之一，因為我們知道在亞太地區與開發者合作還有大量工作要做。Finally, this is last, we want to lead with compliance. Internet money, crypto is global by default. It has no boundaries. But it is used locally, and in that sense, it's essential that we work within the bounds of what merchants, developers, and users are working within. So we have to work with the regulatory frameworks in place in every geo that we serve. And so in that sense, this means our working very closely in the U.S. and the U.K. and Europe, in Asia, in Singapore. To make sure that we're setting up rails that are compliant and that developers can trust to scale their businesses with. And ostensibly, this is one area where I'm really, really excited to be here in Singapore because we know we have a ton of work to do in APAC working with developers.

11:58新金流堆疊的願景：全球化、無縫、正和

11:58總結來說，我們用這五大原則打造一個能讓你持有、轉移、增值資金的單一平台。你可以全球收款、幫用戶、企業、代理人管理這些貨幣，跨境轉帳、賺取收益，最後在任何支援卡片的地方消費。這不是穩定幣 vs 法幣的零和遊戲，而是正和，兩者並存。我們的機會是把傳統法幣金流延伸出去，讓服務的企業有更多成長空間。And so with that, we use these five principles to build a single platform that enables you to hold, move, and grow money. This means accepting money. Acceptable coins from customers globally. It means holding and managing these currencies for users, businesses, and agents, moving them across borders really easily across currencies and rails, earning on the balances, and finally spending anywhere that cards are accepted. The hope, obviously, is that this is a very positive-sum game. It isn't a stablecoins or fiat game. It's not one or the other, but it's both. And we think the opportunity is to basically extend traditional fiat rails and grow the opportunity set for the businesses that we serve.

12:43我們認為在接下來的三年、五年內，這些基礎設施將會擴展到所有使用金融服務的產品中，實際上加密貨幣會消失在產品本身的結構裡，讓使用者在使用時不需要了解他們所用的技術堆疊。這代表企業能夠比以往更快地全球化，也代表開發者能夠把核心的金流動作直接整合進他們的產品，而不需要像以前那樣把使用者導出到應用程式外部。同時，這也讓使用者能夠創造新的商業模式，讓他們的代理人可以安全地代表他們進行交易。We think that in the next three years, five years, we'll see an expansion of these rails into every product that uses financial services at all, and really the disappearance of crypto into the fabric of the product itself, where the user doesn't need to know about the stack that they're using in order to use it. This means businesses going global faster than they could. It means developers being able to build with the core sort of money verbs as part of their products in a way that they couldn't before, where they had to send users out of the app. And it means enabling users to come up with new business models, to empower their agents to transact securely on their behalf.

13:20邀請共創未來金流

13:20因此，接下來的幾個月甚至幾年，我們還有很多事情要建構，也非常希望能和大家交流。如果你想找我們聊聊，我們就在那邊左後方。非常感謝大家撥空聆聽。So with that, we have a lot to build in the months and years ahead, and we'd love to talk to you. We're on the back left over there if you want to come see us. And thank you so much for your time.