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Privy

Institution · Wallet infrastructure

Privy is the embedded-wallet infrastructure company inside Stripe's stablecoin stack, acquired in June 2025 on undisclosed terms with a commitment that it would continue operating as an independent product. Founded in 2021, Privy lets developers provision wallets inside their own applications, splitting key material with Shamir's Secret Sharing across secure enclaves so end users never handle seed phrases. At acquisition it reported more than 75 million accounts across more than 1,000 developer teams. Its role in the stack is the distribution edge, since wallets are where stablecoin balances actually live, and Privy is how Stripe puts them inside any product rather than waiting for users to arrive with their own.

What it does

  • Embedded wallets. Wallet creation and key management behind a developer API, with authentication via email, social login or passkeys, on EVM chains and Solana.
  • Flexible custody. As of Sessions 2026 (29 April 2026), Digital Asset Accounts support holding, moving and growing stablecoin balances in either custodial mode through a licensed custodian or self-custodial mode, with yield routed through Morpho DeFi vaults.
  • Agent wallets. Wallet provisioning for AI agents from the command line, and the wallet infrastructure behind agent payments in AWS's AgentCore alongside Coinbase (Stripe), which ties Privy directly into the agentic-commerce thread covered in the agentic commerce chapter.
  • The 150-market claim. Stripe's Sessions 2026 framing that businesses in more than 150 markets can hold and move stablecoin balances rests on pairing Stablecoin Financial Accounts with Privy noncustodial wallets, which is the regulatory significance of the acquisition. Self-custody reaches markets where custodial money services do not.

Recent activity

  • 29 Apr 2026Sessions 2026 product slate: Digital Asset Accounts, flexible custody, Morpho-routed yield, agent wallet provisioning, Privy Home hub, single-API asset swaps, and stablecoin-backed cards on noncustodial wallets in preview (Stripe).
  • Jun 2026Named as the wallet infrastructure behind AWS AgentCore agent payments (Stripe).
  • 11 Jun 2025Stripe announced the acquisition; Privy to operate as an independent product (CoinDesk).
  • 19 Mar 2025USD 15 million round led by Ribbit Capital, following a USD 18 million Series A led by Paradigm in 2023 and a USD 8.3 million seed from Sequoia and BlueYard in 2022 (Fortune).

Open questions

  • Current wallet count; a mid-2026 claim of more than 120 million wallets circulates on a single secondary source and is not used here.
  • Named APAC customers; none have surfaced in coverage to date.