We study the dynamics of the interface given by two incompressible viscous fluids in the Stokes regime filling a 2D horizontally periodic strip. The fluids are subject to the gravity force and the density difference induces the dynamics of the interface. We derive the contour dynamics formulation for this problem through a x 1 -periodic version of the Stokeslet. Using this new system, we show local-in-time well-posedness when the initial interface is described by a curve with no selfintersections and C 1+γ Hölder regularity, 0 < γ < 1. Global-in-time stability to the flat stationary state is proved in the Rayleigh-Taylor stable regime for small initial data in Sobolev spaces.