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.

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.

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Column revenue, growth, and valuation