Coinbase partners with Gennius to bring ONED stablecoin to Latin American banks

On October 8, 2026, Coinbase partnered with fintech firm Gennius to offer the ONED USD stablecoin and crypto services through Latin American banks, beginning in Argentina. The initiative lets bank customers convert deposits and loyalty points into ONED USD backed 1:1 by USDC, transfer funds around the clock, and spend via Visa cards. Rather than building direct consumer rails, Coinbase provides backend infrastructure to financial institutions while expanding broader institutional offerings, including integrating USDC into Samsung Wallet.

ONED USD stablecoin program

• ▪On October 8, 2026, Coinbase announced a partnership with fintech firm Gennius to launch the ONED USD stablecoin and digital asset services across Latin American banks, starting in Argentina.
• ▪Gennius serves as program manager for the ONED USD integration, leveraging partnerships with over 85 financial institutions, 520 loyalty programs globally, and card networks Visa and Mastercard.
• ▪Launched in mid-2026, every ONED USD token is issued on a one-to-one ratio against USD Coin held in Coinbase custody.
• ▪Under the ONED USD program, bank customers can convert eligible deposits and unused loyalty rewards into ONED USD tokens for instant transfers and spending via bank-issued Visa cards.

Coinbase's Latin American strategy

• ▪Coinbase selected Argentina as the initial market for its bank-partnered stablecoin program after encountering prior challenges with direct-to-consumer local currency offerings in the country.
• ▪Coinbase's Latin American strategy routes through local banks to handle compliance, customer onboarding, and fiat currency rails while Coinbase provides back-office custody and stablecoin issuance infrastructure.

Institutional crypto adoption

• ▪Liz Martin, head of Coinbase Institutional, stated that demand for crypto assets and tokenization continues to grow due to greater regulatory clarity and transparency.
• ▪Coinbase Institutional acts as an infrastructure provider supplying custody and digital asset services to traditional financial firms that are developing their own digital-asset products.

Coinbase stablecoin growth strategy

• ▪Coinbase CEO Brian Armstrong identified stablecoin payments as a key revenue driver for the cryptocurrency exchange as it expands payment partnerships.
• ▪Coinbase CEO Brian Armstrong projected that the $300 billion global stablecoin market will expand tenfold by the end of the decade as the exchange works with banks and fintechs on stablecoin payments.

Samsung Wallet USDC integration

• ▪Coinbase selected Bastion to serve as the licensed custodian for stablecoins integrated into Samsung Wallet.
• ▪Coinbase announced an expanded partnership with Samsung on October 8, 2026, to integrate its USDC stablecoin into Samsung Wallet in the United States by late October 2026.

Corporate stablecoin adoption

• ▪A PYMNTS Intelligence study found that 42 percent of middle-market companies expressed interest in stablecoins, though only 13 percent had used them.
• ▪Federal Reserve Bank of Cleveland research indicates corporate adoption of stablecoins remains limited because companies are satisfied with traditional payment methods rather than lacking regulatory clarity or market access.

Debatable claims

• ▪Traditional financial institutions should serve as the primary gateway for consumer stablecoin adoption
• ▪Satisfaction with traditional payment methods is the primary barrier to corporate stablecoin adoption