"Coinbase & Aston Martin: A Stablecoin Revolution in F1"

Coinbase and Aston Martin have sealed a groundbreaking sponsorship deal in the world of Formula One, with the U.S.-based cryptocurrency exchange becoming the official partner of the UK-based team. The deal, which will see Coinbase's branding appear on Aston Martin's AMR25 car and the racing suits of Fernando Alonso and Lance Stroll during the 75th Formula One World Championship season, is notable for being paid entirely in stablecoin USDC.

Gary Sun, Coinbase's Vice President of Marketing, revealed that Aston Martin chose to be paid in USDC due to the benefits it offers over traditional payment methods, including lower and borderless transaction costs. The partnership goes beyond just marketing, with Aston Martin also onboarding as a prime institutional customer of Coinbase.

The use of USDC in this deal highlights the growing acceptance and integration of stablecoins in the mainstream. While Coinbase does not promote stablecoins over other cryptocurrencies, Sun explained that USDC offers greater efficiency and speed for large-scale transactions. Coinbase is open to paying partners in any type of cryptocurrency they choose, depending on how it fits into their broader picture.

Crypto's presence in Formula One is not new, with several partnerships and deals already in place. In June 2021, Crypto.com signed a multi-year partnership with F1, followed by a nine-year deal worth $100 million in February 2022, securing the naming rights to the Miami Grand Prix. F1 renewed its partnership with Crypto.com in December 2024, extending the cryptocurrency exchange's presence in the sport.

Individual racing teams have also made branding deals with crypto companies, raising the profile of cryptocurrencies on the track. Tezos partnered with Red Bull Racing for NFT and fan engagement projects in May 2021, while Bybit partnered with the team for blockchain-based initiatives in February 2022. Sui Blockchain creator Mysten Labs partnered with Red Bull Racing in June 2023 to host real-world and online activities in a multi-year deal.

FTX partnered with Mercedes-AMG Petronas as an official crypto exchange partner in September 2021, and the two launched an Ethereum-based NFT collection in April 2022. However, following FTX's collapse, Mercedes suspended the partnership and removed FTX