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a16z Podcast

Stablecoins, AI Agents, and The Future of Global Banking

37 min episode · 2 min read
·
Dalit Tasman,Angela Strange

Episode

37 min

Read time

2 min

Topics

Productivity, Leadership, Sales & Revenue

AI-Generated Summary

Key Takeaways

  • Infrastructure ownership as margin driver: Building proprietary ledger infrastructure across 25 countries — including local card issuing BINs directly with Mastercard — expanded Jeeves' gross margin from 40% to over 80%. Owning the full stack eliminates intermediary costs and enables consistent product experience across Brazil, Mexico, and Colombia without country-by-country rebuilds.
  • Stablecoin country expansion economics: Launching a new country previously required 8 months and $500K–$700K in setup costs. Using USDC as settlement infrastructure, Jeeves launched Argentina in a fraction of that time and cost. The model requires only 2–3 local salespeople to profitably serve mid-market clients, making previously unviable markets like Peru now economically feasible.
  • Enterprise trust over technology pitch: When selling stablecoin-powered payments to CFOs, Jeeves avoids mentioning stablecoin entirely. The product is branded "Jeeves Instant Pay," competing on speed — one hour versus one to two days — and reliability. CFOs care about funds arriving on time, not underlying rails, so brand trust converts faster than technical explanation.
  • AI-driven underwriting leverage: A four-person underwriting team now processes $2–3B in annual TPV using self-learning models, a task that required 15 people two years ago. Jeeves reduced total headcount from 200 to 140 while growing revenue 10x and volume 8x. Document ingestion, KYB, and multilingual customer service all run on internally trained AI models.
  • Segment focus over growth breadth: In 2023, Jeeves deliberately offboarded small businesses and concentrated entirely on mid-market and enterprise clients with revenues between 10M–100M Brazilian reais. This forced the addition of a payments product — accounts payable volume exceeds corporate card volume — and drove the cross-sell model that now generates compounding gross profit per customer.

What It Covers

Jeeves CEO Dilyp Tasman explains how his company built a stablecoin-native financial operating system across 25 countries, growing TPV from $400M to $3B in two years by owning local infrastructure, securing regulatory licenses, and deploying AI to run operations with 140 people instead of 200.

Key Questions Answered

  • Infrastructure ownership as margin driver: Building proprietary ledger infrastructure across 25 countries — including local card issuing BINs directly with Mastercard — expanded Jeeves' gross margin from 40% to over 80%. Owning the full stack eliminates intermediary costs and enables consistent product experience across Brazil, Mexico, and Colombia without country-by-country rebuilds.
  • Stablecoin country expansion economics: Launching a new country previously required 8 months and $500K–$700K in setup costs. Using USDC as settlement infrastructure, Jeeves launched Argentina in a fraction of that time and cost. The model requires only 2–3 local salespeople to profitably serve mid-market clients, making previously unviable markets like Peru now economically feasible.
  • Enterprise trust over technology pitch: When selling stablecoin-powered payments to CFOs, Jeeves avoids mentioning stablecoin entirely. The product is branded "Jeeves Instant Pay," competing on speed — one hour versus one to two days — and reliability. CFOs care about funds arriving on time, not underlying rails, so brand trust converts faster than technical explanation.
  • AI-driven underwriting leverage: A four-person underwriting team now processes $2–3B in annual TPV using self-learning models, a task that required 15 people two years ago. Jeeves reduced total headcount from 200 to 140 while growing revenue 10x and volume 8x. Document ingestion, KYB, and multilingual customer service all run on internally trained AI models.
  • Segment focus over growth breadth: In 2023, Jeeves deliberately offboarded small businesses and concentrated entirely on mid-market and enterprise clients with revenues between 10M–100M Brazilian reais. This forced the addition of a payments product — accounts payable volume exceeds corporate card volume — and drove the cross-sell model that now generates compounding gross profit per customer.

Notable Moment

Tasman described how Argentina's stablecoin card charges zero foreign exchange fees when employees swipe locally — a technical outcome of settling in USDC before card authorization. He argued no enterprise will issue 50 employee cards if each coffee purchase carries a 2% conversion penalty.

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Episode Transcript

The goal with Jeeves is really to build a global business bank that can function in multiple countries. Stablecoins is a lived experience. It's not something that's a theory. Like in Argentina, 60% of the population use Stablecoins. Our revenue has grown 10 x, our volume has grown eight x. This just wouldn't be possible without it. Money is going to become programmable, and hopefully we're at that nexus of all of this happening. Often when companies start in financial services, just because there's so much product to build, the tendency is to start with the smaller guys, grow with them, and then eventually earn the credibility to go with the bigger guys. You took the opposite approach. How did you become relevant to relatively large companies fairly quickly in the journey? Our underwriting team today is four people, and that team is doing 2 to 3,000,000,000 in TPV. That just wouldn't have been possible two and a half years ago. You need 15 people just to get that off the ground. That's what's changed. If you are not AI pilled, you're not going to make it. Most financial infrastructure is still fragmented country by country. Different banks, payment rails, currencies, and compliance systems make it difficult for global businesses to operate efficiently, especially across emerging markets. Jeeves is trying to rebuild that stack using stablecoins and AI. What started as a corporate card company in Latin America has evolved into a broader financial operating system spanning payments, treasury, and expense management across 25 countries. A sixteen z's Angela Strange speaks with Jeeves founder and CEO, Dalit Tasman, about stablecoins, AI, and building global financial infrastructure. Dilyp, welcome to the podcast. Thanks for having me. I'm super excited. Before we dive into Jeeves, I don't think a lot of listeners know your backstory, which is pretty interesting. You grew up internationally. You've got a technical background. You started another company. You sold it for over a $100,000,000 before this. Long ago. Yeah. Yeah. So maybe tell us tell us about you and how that led you to start Jeeves. So I was actually born in Nigeria. So I grew up in three or four different continents, actually. So we moved from Nigeria to Doha, Qatar. So that's where I spent most of my childhood, and this was when Doha was, like, a one camel town. I mean, it's funny looking at the airport now, which is massive, and it used to be an airport, like, two stalls and it's plane a or plane b, and you get on one of them, and that was the airport. So it's very small. And then we moved to Florida outside of Orlando probably about twenty five years ago. And so what I've kind of noticed is the company that I'm working on now, Jeeves, is also a global company. So it's almost like a manifestation of my childhood and the fact that I grew up in all of these different places. I then …

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  • by Jeeves

    When selling stablecoin-powered payments to CFOs, Jeeves avoids mentioning stablecoin entirely. The product is branded 'Jeeves Instant Pay,' competing on speed — one hour versus one to two days — and reliability.
  • Using USDC as settlement infrastructure, Jeeves launched Argentina in a fraction of that time and cost.

company

  • Jeeves CEO Dilyp Tasman explains how his company built a stablecoin-native financial operating system across 25 countries, growing TPV from $400M to $3B in two years.

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