Analysis
Jeeves Inc., the Miami-based stablecoin banking platform for global enterprises, raised $110 million in equity funding led by CoinFund, according to both Pulse 2.0 and SiliconANGLE, which both reported the round Wednesday. Jeeves is using part of the capital to launch a proprietary stablecoin wallet that can make payouts across 190 countries, aimed at multinational companies that want to move money across borders faster and cheaper than traditional correspondent banking allows. The Miami-based company adds to the region's run of raises tracked in our South Florida funding tracker.
## Who's Behind The Round CoinFund led this round, with participation from AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, Y Combinator and others, according to the company's announcement (see our Jeeves company profile) -- a mix of crypto-native funds and generalist growth investors that signals institutional comfort with stablecoin infrastructure specifically, not just crypto trading more broadly.
## The Competitive Field Jeeves is chasing a stablecoin-payments opportunity that's gotten considerably more crowded since Stripe's acquisition of Bridge, completed in February 2025, legitimized the category for mainstream fintech. Circle, the issuer behind the USDC stablecoin, has pushed deeper into enterprise payment rails of its own, while infrastructure players like BVNK have built stablecoin-native banking and settlement tools aimed at the same multinational-treasury use case Jeeves is targeting with its 190-country payout wallet. The pitch across all of them is the same: stablecoins settle near-instantly and bypass correspondent-banking fees and delays, which matters most for companies paying contractors, suppliers or payroll across many currencies at once.
“## Numbers In Context $110 million in equity is a substantial round for a vertical-specific banking platform, though neither report discloses a valuation.”
## Numbers In Context $110 million in equity is a substantial round for a vertical-specific banking platform, though neither report discloses a valuation. Jeeves did disclose traction: it says revenue grew 4x over the past 14 months and total transaction volume tripled year-over-year to more than $5 billion in annualized platform volume, with stablecoin-settled activity at roughly $1.5 billion annualized.
## The Risk The Headline Skips Stablecoin-native banking still depends on regulatory clarity that varies widely by jurisdiction -- a 190-country payout claim means Jeeves is operating across wildly different stablecoin and money-transmission regimes simultaneously, from markets with clear frameworks to others where the rules are still unsettled. Enterprise treasury teams have also historically been slow to adopt crypto-rail payment tools regardless of cost savings, preferring established banking relationships even when they're more expensive -- that's the adoption curve any stablecoin banking platform actually has to bend.
## What To Watch Whether Jeeves discloses transaction volume on the new wallet, and whether any traditional banking incumbent responds with its own stablecoin rails, will say more about how real this opportunity is than the funding round itself.