In a move indicative of the growing adoption and use of cryptocurrency in mainstream business, Coinbase has used its native stablecoin to pay for a new marketing arrangement.
The US-headquartered crypto exchange has inked a sponsorship deal with the Aston Martin Formula One team. To finance the partnership, it has paid its fees in full using its USDC stablecoin, pegged to the US dollar.
In its statement, Coinbase added that this marks the first time a F1 team has ‘publicly announced the full payment of a partnership using a stablecoin’. The wording of this indicates, though does not not ostensibly confirm, that such deals may have paid fully in crypto before.
This development could be indicative of changing attitudes towards crypto, as stakeholders gain more confidence following the inauguration of pro-crypto president Donald Trump and the consolidation of international stablecoin regulations in the EU under the Markets in Crypto-Assets (MiCA) framework.
Gary Sun, Vice President of Marketing at Coinbase, said: “This is a huge milestone for Coinbase, marking the first time we’ve invested in a sports partnership entirely in cryptocurrency.
“It is also our debut in Formula One, and we are excited to embrace an industry that equally values pushing the boundaries with transformative ideas and technology. We look forward to building on this collaboration with Aston Martin Aramco as we strive for greater economic freedom globally.”
Marketing caveats of the partnership will see Aston Martin ‘explore bringing fan engagement opportunities onchain’, Coinbase states. The firm adds that it aims to communicate its message that anyone can easily engage with cryptocurrency to a wider audience, ahead of the 2025 F1 season commencing next month.
The arrangement also showcases the growing links between crypto and sports, with motorsports having become a particularly popular sponsorship vehicle for crypto firms. Crypto.com, for example, is notable for being a flagship partner of the F1.
“This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance,” said Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco Formula One Team.
“By transacting this deal fully in USDC, we’re signalling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”
