Stripe is taking the regulatory blast radius: its onramp docs make Stripe the merchant of record and put KYC, sanctions, fraud, and disputes on Stripe. That gives embedded-wallet apps a CEX-style first deposit without routing the user through Coinbase, MoonPay, or Ramp Network. Privy already lists Hyperliquid, Deel, Ramp, and Klarna as case studies and claims 120M+ global accounts.

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