Jeeves considers its in-house infrastructure layer—not its UI—to be its core product and moat. By building its own ledger and becoming a principal card issuer, it can abstract away partner complexity and offer a seamless, unified experience across 25 countries, a strategy they call "difficulty is very defensible."

Contrary to the Western view of crypto as a speculative asset, its rapid adoption in Asia is driven by utility. Dollar-pegged stablecoins provide a cheaper, faster solution for real-world needs like remittances, B2B payments, and freelancer payouts in regions with volatile currencies or inefficient banking, transforming crypto from curiosity into infrastructure.

While payment systems like SWIFT or credit cards compromise on cost, speed, or global reach, stablecoins are the first rail to excel at all three. Armstrong argues this makes them an underappreciated technology with massive growth potential for global commerce.

The inability to reliably pay third parties via traditional banking (ACH, SEPA) was a major barrier to corporate stablecoin adoption. The recent rise of orchestration platforms that seamlessly convert stablecoins to fiat at the point of payment was the "missing link" enabling products like Squads' Altitude business account.

Instead of funding another stablecoin protocol, the more viable investment is in the tooling layer. This includes payment systems, SDKs, and accounting software (like triple-entry bookkeeping) that enable small businesses globally to integrate stablecoin payments into their existing fiat workflows.

After failing to convince U.S. consumers to use stablecoins for everyday payments, crypto companies like Coinbase are pivoting. They now see programmatic, machine-to-machine transactions by AI agents as a more promising path to drive mainstream adoption of stablecoins and their underlying blockchains.

Stablecoins uniquely combine speed (<1 second), low cost (<0.1 cent), and global reach. This positions them to dominate global payments, outperforming traditional systems like Swift (slow, costly) and credit cards (high fees), especially for B2B cross-border transactions where friction is highest.

In a crypto market defined by speculation, Circle's strategy was counter-intuitive: chase stability, not volatility. By creating USDC, a stablecoin pegged to the dollar, the company built essential, reliable financial infrastructure ("plumbing") instead of a speculative asset ("memes"), positioning itself as a core utility.

Stablecoin infrastructure dramatically lowers the cost and time for Jeeves to launch in new countries. This turns previously unviable, smaller markets like Peru into profitable opportunities, requiring only a few local salespeople instead of a massive infrastructure investment.