Stripe's stablecoin bank

TL;DR: Now powering the Stripe/Bridge/Visa stablecoin card program, vertically integrated community bank Lead Bank is emerging as the regulated banking backbone of the U.S. stablecoin economy. Sacra estimates Lead Bank generated $124M in adjusted revenue in 2025, up 65% YoY from $75M. For more, check out our full report and dataset on Lead Bank.

We first mentioned Lead Bank in our April 2025 email on Column as one of only two chartered U.S. banks with BaaS APIs, then followed up in May 2025.

Key points from our March 2026 update via Sacra AI:

Sacra estimates Lead Bank generated $124M in adjusted revenue in 2025, up 65% YoY from $75M, accelerating from 35% growth in 2024, with non-interest income reaching $56M (45% of total revenue, up from 41% in 2024) as the company closed a $70M Series B (ICONIQ, September 2025) at a $1.47B valuation for a ~12x revenue multiple.
Lead Bank's non-interest income grew 83% YoY versus 53% for net interest income, driven by its partnership as the issuing bank behind the Stripe/Bridge/Visa stablecoin card program, capturing the upside of $4.5B in stablecoin-linked card spend across cards from Phantom, MetaMask and Coinbase Wallet (up 673% from 2024) via interchange, payment processing fees & BaaS fees.
While Lead Bank goes deep on crypto, Column ($153M in revenue in 2025, up 219% YoY) is expanding into Africa and Central Asia to address the demand for USD-denominated financial infrastructure, while newest entrant Erebor ($350M raised, Lux Capital) from Anduril's Palmer Luckey and Palantir co-founder Joe Lonsdale is positioning itself as the “American Dynamism” option tailored for AI & defense companies, offering loans secured by GPUs and credit facilities using government contracts as collateral.

For more, check out this other research from our platform:

Column revenue, growth, and valuation