Stablecoins now carry up to 30% of Jeeves's $5 billion in business payments

An annual rate of $1.5 billion is about $125 million a month ^[18]. Jeeves says its card and payments products handle more than $5 billion a year ^[3], so stablecoins settle at most 30% of the platform's total ^[17]. Measured against international payments alone, the share is higher: 50% to 60%, by the company's count ^[12].

Suppose that percentage and the $1.5 billion describe the same flows. Then Jeeves's international payments run at roughly $2.5 billion to $3 billion a year ^[20]. That would make cross-border traffic half to three-fifths of everything the platform processes ^[21].

Jeeves attributes the growth to businesses moving money between markets with costly banking infrastructure ^[5]. Chief executive Dileep Thazhmon said stablecoin rails can provide faster and more consistent movement of funds ^[10]. The round buys more of those corridors. At least six of the ten countries joining the card footprint are in Latin America ^[15], and a new Madrid office will support the expansion ^[11]. The company named product development and international operations as the uses of the capital ^[13]. What it is not doing is narrowing to stablecoins. More than 80% of its customers use several products across corporate cards, payables, treasury payments and spend management ^[7], and a receivables module is on the way ^[8].

The $110 million is at most about a fifth of the more than $570 million Jeeves has raised in equity and debt ^[19]. The company did not disclose revenue, take rate or a valuation for the round. That leaves three ways to read the stablecoin figure. One is that the run rate keeps compounding as the new card markets go live. Another is that it rests on a few large treasury transfers that annualise well from a strong month and then flatten. The third is that volume holds while revenue trails it. Jeeves sells its Instant Pay rail on lower foreign-exchange costs ^[9], and if some of that spread used to be Jeeves's own, the channel grows faster than its income.

I think the concentration reading deserves the first test. A figure annualised from a rail only eight months old ^[4] extrapolates recent months. Among thousands of enterprise customers ^[7], a handful of large senders can move it. The counter-case is what CoinFund managing partner David Pakman highlighted: adoption across Latin America, the United States and Europe ^[14]. Use spread that widely is hard to build from a few accounts. The concentration view is wrong if the stablecoin share of volume climbs well past 30% ^[17] once the new Latin American card markets are running, because new corridors bring new senders.