Today is probably a good time to check in on things with @privy_io, which became part of @stripe just over a year ago. Our acquisition was predicated on three factors: stablecoin growth, self-custody as a key enabler of broader global coverage, and rapidly increasing demand for programmable financial infrastructure. As we said at the time, "money has to reside somewhere, and Privy builds the world's best programmable vaults." Since then, the Privy team has executed exceptionally well: assets in Privy wallets have grown ~25x, monthly active developers are up ~3x, revenue is up ~9x, and Privy now facilitates nearly $25B of monthly transaction volume. @tryramp, @Deel, @Klarna, @felixpago, @HyperliquidX, and thousands of other businesses are building embedded banking functionality on Privy. At Stripe, we're deeply integrating Privy into Treasury, @Link, and Connect. In each case, it's accelerating our global expansion, and enabling us to build better functionality faster. (Coming soon: @Link balances.) We're also seeing that Privy's wallet infrastructure is the ideal substrate for agents to transact and earn -- live today with @merit_systems, @orthogonal_sh, @Nevermined_ai, @prlnet, and more. Developers prefer programmable financial infrastructure, but agents need it. We expect that the agentic economy will continue to grow extremely quickly. The Privy team has maintained remarkable product velocity, with major launches this year including deposit addresses, earning on Privy balances, digital asset accounts, custodial wallets, and Stripe's own stablecoin cards. It's also been neat to see how Privy has been accelerated by Stripe, with better onramps, @stablecoin payment rails and licenses, Stripe's fiat capabilities and issuing stack, and integration with @Tempo. Together, we're building one API for holding stablecoin balances and earning yield, moving money in and out of fiat, and orchestrating spend with cards. We still have a lot of work to do, not least in integrating everything across Privy, Bridge, and the rest of Stripe -- there's been so much feature and functionality expansion that we haven't yet had much time to reconcile everything. Overall, though, I'm very happy with how things are going, and excited by where these capabilities are headed. If you're interested in working on the future of stablecoins, agentic payments, and crypto's deployment in the real world, you should get in touch with @sternhenri (now leading all of @StripeCrypto) or others on the team.

Most of the KYC friction you experience when buying crypto has nothing to do with compliance. @AlexKFine says it's poorly built risk models and there are better ways to manage the underlying risk without making the user experience painful. 99%+ of Fun's volume is fiat to stablecoin. Users go to Lighter or Polymarket and deposit without knowing Fun exists. The business model is Costco: consolidate all the fragmented payment stacks, compress the vendors, offer rates nobody else can, take margin at scale.

Today I was supposed to be on my way to Türkiye for my wedding, to meet up with my family and have them finally meet my partner and husband. We had everything planned. We chose Turkiye since it's close to Iran and my partner and I could both go there and have our families meet each other. We were supposed to get married with our close family and a small group of friends on a boat on the Mediterranean Sea at sunset. Because of the war, all flights to and from Iran are cancelled and my family can’t leave Iran, so we had to call off the wedding. Instead, this is how my day looked like. I woke up to a reminder to call my grandma (I used to call her every Friday morning). I snoozed the reminder until next Friday, just like I have done for the past many years. I can’t call her like our tradition these days because there is no way to call home. All international calls to Iran are blocked, and the internet is fully shut down by the regime. I got to work and right as I opened my computer I received an email I had scheduled to send to myself 5 years ago: “Apply for citizenship.” This summer marks 11 years of being in the US and 5 years of being a green card holder. I am now eligible to file for citizenship, but it doesn’t matter because an executive order was signed a few months ago that banned all Iranians from applying for any visa or citizenship. At lunch I opened Twitter just to see what’s up in the world and saw the news that those who don’t have a green card now need to leave the US before they can get one. This means every one of my Iranian friends who are here on a visa now has to go back home (on which flight?) to get a green card??? As if it’s that easy? We all know getting back to the US for Iranians is a huge challenge (months and months of waiting for a visa, with a chance of never being able to come back). And this is just a normal Friday for an Iranian. These days, when people ask how I’m doing and how I’m handling everything, I just say: It’s okay, it’s okay. It will be okay some day. But the reality is: nothing is okay. I’m in constant pain. I haven’t seen my family and loved ones in years, I barely hear about their wellbeing, and I’m constantly worried about them. I’m just burying myself in work because that’s the only distraction that can save me from losing my mind. I’m not okay. None of us are okay. We are just barely holding it together…

0e11c4aa285dffe95d2d7e90d974ad0e72336549b0dd2161dec606ba4955e2e1 qemu.c

IMO the post is "directionally correct", but the sloppy experimental method leads to severely overstated conclusions. The reality is that you need *both* really strong models AND sophisticated scaffolding to maximize bug finding. Opus 4.X and GPT-5+ are already quite strong!