Stripe's valuation depends on this implementation mechanism, capturing the platform as an economic intermediary versus championing open protocols.

https://www.forbes.com/sites/jeffkauflin/2026/03/17/why-an-u...

(TLDR Stripe's valuation [$159B] is ~5x Adyen's [which is public, allowing for use as a comp] for somewhat similar payment volumes [$1.9T vs $1.6T, respectively], so Stripe is trying to grow into the valuation current fundamentals do not support)