Coinbase and payments network Thunes have partnered to expand stablecoin payments across international markets, allowing businesses and individuals to send funds to local bank accounts and mobile wallets. Announced October 19 at Money20/20 USA in Las Vegas, the deal targets supplier payments, gig workers and international money transfers.
Coinbase will provide the stablecoin infrastructure, while Thunes will connect transfers to its Direct Global Network, which operates across more than 50 payment licenses and clearing systems.
Thunes Connects Stablecoins to Local Payments
The partnership aims to link international stablecoin transfers with local payment systems, allowing recipients to receive funds through existing bank accounts or mobile wallets.
Related: Mastercard Launches Stablecoin Security Tool to Flag Crypto Payment Risks
However, the companies have not disclosed supported stablecoins, launch dates or initial markets. They also have not confirmed whether individual Coinbase customers will have access to the service.
Coinbase Expands Stablecoin Partnerships
The deal follows Coinbase’s expanded partnership with Marqeta on stablecoin-backed payment cards. Coinbase is also working with Citigroup to develop stablecoin payment services for institutional clients.
Stablecoins had a combined market capitalization of $302.33 billion on October 19, according to DefiLlama. Tether’s USDT accounted for 60.68% of the total.
The Thunes agreement extends Coinbase’s stablecoin payment efforts into local payment networks, although the service’s reach will depend on the markets and assets supported at launch.
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