- Coinbase has become the official sponsor of Aston Martin’s Formula One team, with the deal paid entirely in USDC stablecoin.
- Aston Martin is also onboarding as a prime institutional customer, making this partnership more than just a marketing agreement.
Coinbase has struck a landmark deal with Aston Martin’s Formula One team, making the U.S.’s top crypto exchange the official sponsor of the UK-based racing team. This sponsorship stands out as it is being paid entirely in the stablecoin USDC.
As part of the agreement, Coinbase’s branding will be prominently displayed on Aston Martin’s AMR25 car and the racing suits of drivers Fernando Alonso and Lance Stroll throughout the 75th Formula One World Championship season.
"Aston Martin had the option, and when asked, they chose to be paid entirely in USDC because they see the benefits," said Coinbase Vice President of Marketing Gary Sun in an interview.
Stablecoins offer advantages such as lower transaction costs and borderless payments, making them an attractive alternative to traditional payment methods.
Beyond branding, the partnership extends further, with Aston Martin also onboarding as a prime institutional customer.
"[Aston Martin] are also onboarding as a prime institutional customer, making this much more than just a marketing partnership," Sun added.
While Coinbase does not exclusively promote stablecoins over other cryptocurrencies, Sun highlighted the efficiency and speed of USDC for large-scale transactions.
"We are happy to pay partners in any type of crypto they choose," he said. "Partners choose certain assets based on how it fits in the broader picture."
The collaboration adds to Formula One’s growing association with crypto. Crypto.com set the precedent in June 2021 with a multi-year deal, followed by a nine-year, $100 million agreement in February 2022 for the naming rights to the Miami Grand Prix. In December 2024, F1 renewed its deal with Crypto.com, ensuring the exchange’s continued presence in the sport.
Edited by Harshajit Sarmah
