WEBVTT

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<v 0>Hi everyone. I'm Asta. I'm the CTO and counder at Privy.</v>

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We build digital asset accounts:

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think crypto wallets for Stripe and our customer base of more than 2,000

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companies. At our core, we are an infrastructure company.

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We make it possible for developers to embed financial experiences

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directly inside their product. Users can now hold, move,

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and program money directly within apps without going somewhere else.

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And we do this all with stablecoin rails.

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So today I want to show you three things. First,

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how the financial infrastructure of the web is changing.

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What stablecoins unlock that traditional systems couldn't.

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Second, what this looks like in practice.

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A live demo with real money onchain. And third,

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I'm thrilled to have one of our amazing customers, Ramp,

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join us onstage to share how they're building on this stack.

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First, let's talk about how web infrastructure is changing.

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At Privy, we build directly with our customers. Every fintech I talk to,

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everyone who's touching funds-whether you're doing remittances, bill pay,

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contractor payouts, corporate cards-is noticing the same thing.

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When your user wants to use the money that flows through your product,

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buy something, hold a balance, pay a bill, they have to leave your app.

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If you're a marketplace, your user gets paid through your platform,

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but they can't use their funds without waiting for a transfer and logging into a

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third-party payment provider or bank.

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If your user wants to connect to the wider financial ecosystem,

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the only way to do that right now is to leave.

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This handoff creates fragmentation, it causes drop-off,

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it moves your user elsewhere. We can do better.

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When platforms figure out how to enable value directly within their app,

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everything changes.

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Starbucks Rewards members who load funds into an in-app balance and spend from

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it are more than five times as likely to visit daily

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compared to nonmembers and drive the majority of US revenue.

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What stands out is that Starbucks owns the full loop, from funding to spend.

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When money lives inside the product, it creates a flywheel,

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more usage, more value,

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and a better experience for users directly within your product.

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In order to build better products,

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every fintech moves in the same direction-towards becoming a bank,

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a super app, or both. Most apps can't offer this yet,

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or it's too hard because the infrastructure the industry was built on

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wasn't designed for it. That's exactly what's changing.

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With stablecoin infrastructure, you can keep the entire experience in one place.

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Your users can hold money, move it, spend it,

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and get more from your product without having to leave.

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So holding value is possible with traditional rails,

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but it's a major undertaking, especially for global reach.

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We're talking years of work, a large cross-functional team,

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and the painstaking process of acquiring licenses one state at a time.

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Not to mention tackling foreign exchange, boots-on-the ground partnerships,

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and everything in between. For example, Venmo was founded in 2009,

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but only launched international payments last month. So this is a hard problem.

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And all of that changes with stablecoins. They give you global reach on day one,

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near instant settlement,

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and the ability to move money programmatically without waiting on legacy

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systems. And that's what we enable with Privy.

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You can think of Privy like a money account in a box,

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a powerful API that lets you embed financial services and money capabilities

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directly inside your product. It's modular.

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You turn on the pieces that your product needs.

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And with just a few lines of code,

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you can provision an account that holds balances. You can generate rewards,

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so users earn on their balances. You can issue debit and credit cards.

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So when your user grabs a coffee,

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it draws directly from the balance that they hold in-app.

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You can enable payouts, transfers, onramps, offramps, all in one place.

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All of it powered with stablecoins under the hood. All of it,

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a seamless experience directly within your app.

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Now let me show you what this actually looks like.

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I'm going to demo four things:

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how you can use stablecoin rails to store funds in-app, spend from a balance,

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send globally, and earn rewards on your balance. All with real money,

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US dollar stablecoin on Tempo,

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and all built in just three days by a single engineer on our team using

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Bridge, Privy, and Stripe Crypto APIs.

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So this is what the world is used to today. I'm Sam.

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I'm a delivery driver for an app called Smash.

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I've earned about $400 from my deliveries, but I can't use any of it.

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Instead, I have to wait for my next payout, which is next month,

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May 15th. And not only that, when I trigger payouts,

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the ACH takes up to three business days to process and settle in my account.

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Now I want to show you what we get to build on stablecoin rails.

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So this is Smash, but it isn't just a delivery app anymore.

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It's a fintech super app with full money account capabilities.

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It does everything it used to, shows me how much I earned,

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lets me transfer to a bank account. By the way,

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this is built using Bridge APIs and cashes out to a real

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Wells Fargo bank account.

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And it also lets me spend funds directly from a debit card.

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This is a Visa debit card, and I've loaded this card onto Apple Pay,

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so that I can spend via Apple Pay directly from my in-app balance.

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Let me show you.

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So I'm going to charge myself a coffee on this

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terminal-and

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approved.

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So you can see here, this latest transaction is the

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coffee that I just bought from our cafe station.

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And I can send money to anyone in the world instantly,

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even before they're onboarded.

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So I'm going to send $10 to our guest from Ramp, Andrew,

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who isn't on Smash app yet.

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And when Andrew logs into Smash,

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he'll see the money has already arrived and settled into his account.

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It's ready to spend. Debit cards and instant payouts,

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Stripe already makes those possible.

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But here's some things you might have never seen before.

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By integrating Privy wallets,

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Smash lets me earn rewards on my balance through digital asset vaults.

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I've transferred $100 into a savings account,

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where it's earning a little over 4% APY.

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And we're making balances spendable directly from vaults too,

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which means I get to earn rewards on my balance up until the second I swipe my

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card. This is pretty special, even in the United States,

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but for users in countries with less stable currencies and lower earnings rates,

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it's spectacular.

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Users around the world now have easy access to high rewards accounts

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with stable dollar denominated balances. And here's the kicker:

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Smash developers only have to build this app once,

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and they get to launch in every country around the world on day one.

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Everything you just saw works the same, whether your users are in the US,

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Latin America, or Southeast Asia-same infrastructure,

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same experience. Stripe Crypto, Bridge,

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and Privy handle the blockchain complexity.

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What your developers see is a simple API,

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and what your users see is a financial experience that just works.

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Companies like Ramp, Klarna,

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and Deel are using this infrastructure to move faster,

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launching in new markets without rebuilding their stack,

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embedding financial products directly into their apps,

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and they're delivering real value to users in ways that weren't possible before.

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And with that, I'm so excited for Andrew Chapello to join us onstage.

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Andrew is the product lead for payments, monetization, and stablecoins at Ramp.

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He's building on this stablecoin stack for 50,000-plus businesses right now.

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Welcome up, Andrew.

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All right, Andrew. So tell us a bit about Ramp. What does Ramp enable,

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and what are you focused on as a part of that mission?

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<v 1>First of all, thanks so much for having me. I'm excited to be here.</v>

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Ramp is a financial automation platform.

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We work with customers around the world to save them time and money by

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automating their financial transactions that they do every month.

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And we do that through cards, through bill pay, through treasury solutions,

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and we enable them to focus on higher-value tasks than what finance teams have

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been able to do in the past.

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<v 0>Makes sense. So yeah, finance, bill pay,</v>

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and so on-sounds like Ramp already offers a huge product suite,

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but you guys built this on traditional rails. So, tell me,

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Ramp has been clear that traditional rails aren't good enough and you're making

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huge investments into the stablecoin stack.

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So what specifically wasn't good enough?

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And when did stablecoins go from interesting to we have to build with this?

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<v 1>We're always thinking about how we can deliver new and exciting solutions for</v>

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our customers. We started primarily serving businesses in the US,

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and as we began to serve larger businesses and businesses around the world-we

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operate in about 190 countries with our customers' employees today-we

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found problems that we just couldn't quite get over as

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we wanted to send payments to different geographies,

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finding that to take a very long time,

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sometimes 7 to 15 days to be able to send a payment between countries.

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We weren't able to get certainty on fees or a fee structure that we felt like

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was fair to our customers,

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and we ran into bespoke compliance requirements that were difficult to work

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around or weren't aligned with the user experience that we wanted to provide.

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And so we constantly ask ourselves,

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"Are there things we can be doing to make this better? Is there a new solution?

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Is there a new technology on which we can build?" And we've

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really been really excited about stablecoins for the possibility to be able to

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remove some of these customer problems that we've seen, to be able to,

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as you say, be able to send money anywhere in the world, near instantly,

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24 by 7, with very low fees. That was really exciting to us.

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And that's when we started to dig in,

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when we saw that it could solve that customer pain.

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<v 0>Yeah, that's amazing.</v>

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And that's exactly what you've done with the newest addition to the

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Ramp product suite, Ramp Stablecoin Accounts.

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Tell us a bit about Stablecoin Accounts.

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<v 1>Yeah.</v>

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Stablecoin Accounts allow Ramp customers to be able to hold stablecoins

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within a wallet, that within Ramp Treasury.

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They can turn their dollars or their fiat currency into stablecoins.

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They can earn rewards on that balance,

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and they can be able to pay their counterparties-whether that's their

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employees or their vendors-in fiat currency or in stablecoins.

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It sounds really simple. It was harder to build out the infrastructure.

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Really what that provides our customers is the ability to be able to pay

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customers the way that they... I'm sorry,

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pay vendors and employees the way that they want to be paid.

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We had customers who wanted to pay their employees and vendors

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in countries that may not have a stable fiat currency,

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that may not have the type of liquidity that they needed to be able to

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get paid the way that they wanted to,

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or customers that were not able to be served by traditional banking

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systems.

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And we're able to give them this solution to be able to hold money and send it

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anywhere in the world,

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and have found it to be getting a lot of great adoption.

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<v 0>Yeah, that's so exciting. So yeah, global accounts, balances,</v>

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payments anywhere in the world, also rewards, and so on. That's really exciting.

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Can you tell us how it's built?

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What does the stack look like and how does Privy play a role?

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<v 1>We have a product called Ramp Treasury that allows you to hold money.</v>

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Essentially, this is

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giving customers access to a Privy wallet,

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which can hold US dollar-backed stablecoins.

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We work with a number of different chains and different asset types through our

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partnership with Bridge and Stripe as well.

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Customers can deposit their funds in

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either US dollars or in US dollar-backed stablecoins into this account,

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and then use that to essentially orchestrate payments around the world.

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And a lot of our goal in doing this was to be able to bring better connectivity

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between the fiat and stablecoin ecosystems.

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And that's why we're so excited to be working with you all in Privy and Stripe

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and Bridge in that your APIs make this seamless for us.

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One of our design imperatives was in abstracting away

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crypto terminology and specific nuances that we

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didn't feel like our customers needed to worry about.
What we want them to know

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is that they're holding dollar equivalence and that they're able to use that to

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make payments around the world in a secure and compliant way.

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And we've really sort of pushed those design boundaries with the

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help of Privy in making that happen. And so,

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you ask a little bit about the stack.

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We work with Bridge for payment orchestration, Privy for wallets,

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Stripe for some payment methods and cards as well.

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<v 0>Amazing. Well,</v>

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in putting together the stack and your attention to the

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approachability of the product and so on, what were some of the details?

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What were tough product calls or places where

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you really paid a lot of attention?

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<v 1>We've built our product over the last seven years to work around some of the</v>

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nuances of the global financial system.

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One thing that we ran into as we began to work with these new financial tools

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were that we needed to unwind some of the assumptions that we had made before.

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For example, banks close around 5:00 pm. With crypto,

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you can pay people at 11:00 pm. You can pay 24 by 7 by 365.

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And so we needed to look at all of the decisions that we had made along the way

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and decide how we were going to unwind some of those

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and where we could make things simpler for our customers.

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We pushed all of those boundaries and tried wherever possible to

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make it easier to understand, to remove complexity.

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And so,

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sometimes that means using stablecoins to make transactions as infrastructure,

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where a customer doesn't need to care that they're involved in that transaction.

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So,

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it was really about how do we make this new technology very approachable and

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focus on the customer problem to be solved,

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which is in storing value and sending it where it needs to go.

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<v 0>Yeah, that makes a lot of sense.</v>

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It's clear to me how much you value building that approachable experience,

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meeting users where they are.

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And a big part of meeting users where they are is also interop.

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I saw on Twitter recently that your team did something kind of wild.

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You funded a paper check with USDC. Tell us about that.

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<v 1>This is a really fun example of a core principle that we have, which is that</v>

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customers should view stablecoins as money.

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They should view it the same way as they view dollars, as they view euros.

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It's another form of money.

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And so with Stablecoin Accounts,

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you can pay your vendors using any payment method that we support on Ramp.

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We support wire transfers, ACH. We can work with the SWIFT network.

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We don't think that anyone had ever made the particular transaction before of

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storing money in stablecoins and then funding a paper check,

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but we work with a customer whom we love,

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who runs an almond farm in Northern California,

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and he wants to store his treasury in stablecoins.

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And so we let him do that and we let him pay fund checks in order to pay his

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vendors, in order to order equipment, in order to order seeds,

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and that lets us create the type of experience that he was looking for that

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frankly didn't exist before.

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<v 0>Wow, that is so cool. All right. Last question. It's 2028.</v>

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Stablecoin infrastructure is boring. It just works.

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What does a typical Ramp customer's financial stack look like,

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and what can they do that would be impossible today?

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<v 1>I love thinking about this. At Ramp,</v>

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we're really focused on automating the rote financial

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tasks that finance teams have been working on for generations.

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I think we're going to see, increasingly, Ramp doing more work for you.

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We just launched procurement agents yesterday,

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which help you be able to select vendors in a much more easy and seamless

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way than you can today. We're building bill pay agents,

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we're building policy agents.

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And the reason I mentioned that is I think what we're most of all trying to do

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is in allowing your employees to be able to move from doing

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more rote everyday work into more strategic work.

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And we've used stablecoins as infrastructure that can more

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easily move money around the world and then can plug in to the

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automation and agentic work that we're building in order to make money move

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around the world easier.
And so you ask about the stack.

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We don't think our customers should need to care that much about the stack that

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they're using. They should care more about,

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"How can this help me run my business more efficiently?

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How can it help me get time back, save money,

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and make my business more profitable?".

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<v 0>That makes a lot of sense. I'm excited for that. Thank you so much, Andrew.</v>

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This is a room full of product builders.

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Your products all touch value in some way. You're moving money,

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managing balances, processing payments.

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The opportunity is to give your users the financial features that they're

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looking for directly in-app on infrastructure that's faster, more global,

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and more flexible than ever before. Value can live in your app.

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Your users can hold it, move it, spend it without ever leaving.

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That's what's possible now.