Coinbase and Aston Martin Sign F1 Sponsorship Deal Settled in USDC Stablecoin

Stablecoins are entering the world of motorsports, with a new exclusive sponsorship deal between Coinbase and the Aston Martin Formula 1 team.

On Thursday, leading US cryptocurrency exchange Coinbase officially announced its status as the title sponsor of the UK-based Aston Martin Aramco team. The Coinbase brand will appear on Aston Martin’s AMR25 race car, as well as on the kits worn by drivers Fernando Alonso and Lance Stroll during the 75th Formula 1 World Championship.

What makes the deal so noteworthy is not only the value of the deal, but also the way it will be paid for. The entire undisclosed sponsorship amount will be paid in USDC stablecoin, marking a major step for crypto into the world of sports.

Gary Sun, Vice President of Marketing at Coinbase, told Decrypt that Aston Martin was asked to choose a payment method and they decided to choose USDC because of the benefits that stablecoins bring.

With this partnership, Aston Martin and Coinbase not only demonstrate the connection between blockchain technology and motorsports but also affirm their belief in the future of cryptocurrencies, especially the stablecoin USDC, in global transactions.