Daily Brief Private Markets: Thunes: Continued US Market Expansion and Scaling Stablecoin Distribution (Update) and more

Executive Summary

• Thesis update: Core growth and network moats accelerating. The company is executing on its structural profitability and network expansion theses, deploying its US$153.1m Series D capital to operationalise a New York City hub and expanding its global network reach to 12.0 billion endpoints across over 140 countries. While the integration of stablecoin payouts via Swift for 11,500 financial institutions accelerates its digital asset strategy, monetising these new corridors against entrenched legacy competitors remains a critical execution requirement.
• Corporate and industry developments: US expansion and Swift stablecoin integration drive B2B market capture. Against a backdrop of tightening global regulatory frameworks, Thunes advanced its capture of the US$47.8t business-to-business payments market by launching real-time inbound United States payment capabilities and integrating stablecoin routing for Swift-connected banks. These infrastructural milestones directly expand the addressable market, though they concurrently expose the firm to heightened compliance costs and intense competition from domestic payment orchestrators.
• pvtIQ SmartScore© update:The pvtIQ SmartScore© held steady, as an isolated gain in Growth, following the New York expansion and Top FinTech recognition. It was offset within a broader base of unchanged fundamentals across all other sub-components; the pvtIQ Alt-Data Score© softened, weighed down by declines in Customer Sentiment and Human Capital that outpaced a modest gain in Authority, pointing to growing strain between external visibility and internal/customer-facing performance.