Why CFOs Are Secretly Moving to Stablecoins | Dileep Thazhmon

Dileep Thazhmon (0:00)

As a company, we launched the Stablecoin product in January, and we just crossed a billion and a half in annualized DPV. So in eight to nine months, it's gone from zero to one and a half billion, right? And so that's just tremendous usage driven by the fact that enterprise is seeing real value, and part of it is they don't know or care that it's Stablecoin.

SPEAKER_2 (0:18)

Hello everyone, and welcome to MTS. As you can see, this is not our existing setup. We are actually in the New York Stock Exchange, and we're here on the trading floor. Joining me is my guest, Dileep Thazhmon, and he is the CEO of Jeeves, and he is our first guest today. We're going to be joined by a bunch of guests. We'll be here streaming for the next two hours. We'll be talking to tons of founders in the AI space, and you specifically in the Stablecoin space, all about what they're building, where the landscape is going, what is happening, and all of that. So today is an exciting day. I'm so excited that you're going to join us in person. This is a fun day. You've been here before, right?

Dileep Thazhmon (0:57)

I have. So actually in the same room, in the same table setting.

SPEAKER_3 (1:00)

The same room? Were you sitting there as well?

Dileep Thazhmon (1:01)

I actually was.

SPEAKER_2 (1:02)

Oh, I got it.

SPEAKER_3 (1:03)

Well, you're familiar. You're a pro.

Dileep Thazhmon (1:04)

Yeah, it's great to be here. Thanks so much for having me. Super pumped, excited.

SPEAKER_2 (1:08)

We're really excited to have you, and you get to actually be our first guest. You had a crazy announcement that happened yesterday. Can you tell us more about having there?

Dileep Thazhmon (1:15)

So we raised 110 million for our series C1.

So the whole point of that round was to expand our Stablecoin product offering. So just to give folks an idea, what we do is we're a financial operating system for global enterprises. So think about a company like BMW or Lululemon. If they operate in four countries, you need to have four different corporate bank accounts, four different corporate cards, four different payment rails and so on. And so what we do is we combine all of that into one box, so to speak. And now that box is being powered by Stablecoin. And so part of this round was to expand that. We added 10 new countries. So we covered 35 countries now and bring the Stablecoin product to many other regions that we're going into.

SPEAKER_2 (1:52)

It's interesting that we get to talk about Stablecoins, because of course we are here at the New York Stock Exchange. We get to be really at the forefront about what's happening with markets in general, what's happening with global markets. I wanted to get your perspective, because I think you have an interesting origin story a little bit before how Jeeves even started, about what happens when you're trying to operate a company globally. You run into all these issues when it comes to your business operations and all of that stuff. Tell me about what you're experiencing.

Dileep Thazhmon (2:18)

Yeah, so it's something that I experienced personally in my company prior to this. We operated in two countries, and so we had two different bank accounts, two different corporate cards, and as the founder and COO, at the end of the month, if I was saying, hey, how much did we spend last month? That would take 30 days to get an answer, because it's two completely different systems and nobody knows. And so part of the genesis was, okay, if you want to solve that, you actually have to own a lot of that infrastructure directly yourself, which is what we did for the first two, three years, building the stack, getting the licenses, getting the infrastructure, and then Stablecoin accelerated that growth. So what's really interesting is now we offer what we call the god view. And so if you're a company with employees in six countries, you can log in to one account and see in real time to spend across six different corporate cards and six different currencies. To do that, you need to own the stack. And so that's the area that we've invested a lot in. And then what's really interesting is now that's transferring into the AI side as well, because now you're starting to see token spend. And so imagine you're a company that has spent in pesos on OpenAI, and then it has spent in pounds on Clod. And then the same question for the CFO, how much did we spend? Is it good ROI? What else should I do? And so we've launched a global AI spend tracker for Jeeves companies. So the same thesis, which is if you operate in multiple countries, now we give you the infrastructure from the cards to the payments to the tracking for AI all in one box.