Stripe has hired a new cryptocurrency executive, Drew Turchin, to lead its stablecoin cards business, he wrote in a social media post last week.
Stablecoins have found roles as a payments and value-storage medium, Turchin wrote last week in a LinkedIn post, announcing his new role with Stripe. “Cards are helping unlock the next step, making those balances instantly spendable in everyday life, anywhere cards are accepted,” he said.
Turchin was previously head of business development and partnerships at Native Markets, a crypto startup which issued the USDH stablecoin with Hyperliquid. Turchin also was head of business developments, partnerships and ventures at Uniswap Labs, a cryptocurrency startup based in New York.
In May, New York-based Native Markets reached a deal for Coinbase to acquire certain assets of USDH, with that stablecoin being phased out in favor of USDC, the coin issued by Circle Internet Group.
Turchin said he would be working with Stripe executives Henri Stern and Max Segall, who are spearheading the company’s crypto strategy.
A Stripe spokesperson didn’t respond to an email Wednesday seeking comment on the appointment, or whether it’s a new role. Turchin, Stern and Segall did not respond to messages via LinkedIn.
Stablecoin-linked card payments hit $1.5 billion in monthly volume in 2024, up from $250 million the prior year, according to a report last year from three crypto-focused firms that collected stablecoin payments data from 33 firms.
“As stablecoin infrastructure matures, one of the fastest-growing applications has been card-based spending,” the report says. “Stablecoin-linked cards closely mirror traditional card usage patterns, indicating they are likely being used for everyday purchases and routine payments.”
Stripe posted the report on its website. The 24-page document was prepared by Artemis Analytics, a crypto research platform; Castle Island Ventures, a Boston-based venture capital firm; and Dragonfly, an investment firm that focuses on crypto and blockchain startups.
Stripe, which has dual headquarters in Dublin and South San Francisco, California, sells payment processing software and hardware. It also offers subscription services and tools for businesses to operate their finance functions.
One of Stripe’s first major ventures into stablecoins was two years ago when it acquired stablecoin platform Bridge in October 2024. It paid $1.1 billion for the purchase, Forbes and other media outlets reported at the time. Previously, Bridge had acquired Privy, a New York-based cryptocurrency digital wallet startup in June 2025.
Stripe is leveraging both acquisitions for new products. For example, in July the company said that corporate finance startup Ramp is using Bridge’s technology for stablecoin-based bill payments and Privy’s wallet infrastructure for new stablecoin deposit accounts.
Turchin has the ability to “take Stripe's crypto work to the next level,” Segall, Privy’s chief operating officer, wrote on LinkedIn in response to Turchin’s post. “Stablecoin-backed cards are the key unlock to making the biggest implementations work.”
In June, Stripe joined about 140 other companies – including Adyen, American Express, Fiserv and Visa – in announcing a new stablecoin, Open USD, planned for release this year. The coin partnership’s founding chief executive is Zach Abrams, Bridge’s co-founder and CEO.
