Stablecoins are hitting the racing track.
San Francisco-based Coinbase and the UK-based Formula One team Aston Martin Aramco announced Thursday a new partnership, making the U.S.’s top crypto exchange the team’s official partner.
Coinbase’s branding will 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 as part of the deal.
The partnership is particularly notable because the undisclosed amount of the deal is being paid in USDC.
“Aston Martin had the option, and when asked, they chose to be paid entirely in USDC because they see the benefits,” Coinbase Vice President of Marketing Gary Sun told Decrypt in an interview.
Stablecoins typically offer advantages over traditional means, including lower and borderless transaction costs.
“[Aston Martin] are also onboarding as a prime institutional customer, making this much more than just a marketing partnership,” he said.
While Coinbase doesn’t promote stablecoins over other cryptos, using USDC, Sun explained, offers greater efficiency and speed for large-scale transactions.
“We are happy to pay partners in any type of crypto they choose,” Sun said. “Partners choose certain assets based on how it fits in the broader picture.”
Crypto’s presence in Formula One isn’t new.
In June 2021, Crypto.com signed a multi-year partnership with F1. This deal was followed by another in February 2022, when Crypto.com entered a nine-year deal worth $100 million, with Formula 1 securing the naming rights to the Miami Grand Prix.
In December 2024, F1 renewed its partnership with Crypto.com, extending the cryptocurrency exchange’s presence in the sport.
Under the agreement the race would officially be known as the Formula 1 Crypto.com Miami Grand Prix and use the crypto exchange’s branding.
Individual racing teams have also made branding deals, raising crypto’s profile on the track.
Red Bull Racing
May 2021: Tezos partnered with Red Bull Racing for NFT and fan engagement projects.
February 2022: Bybit partnered with Red Bull Racing for blockchain-based initiatives for “crypto-literacy.”
June 2023: Sui Blockchain creator Mysten Labs partnered with Red Bull Racing to host real-world and online activities in a multi-year deal.
Mercedes-AMG Petronas
September 2021: FTX partnered with Mercedes-AMG Petronas as an official crypto exchange partner.
April 2022: FTX and Mercedes-AMG Petronas launched an Ethereum-based NFT collection, where select NFTs included physical components from the team’s F1 cars.
November 2022: Following FTX’s collapse, Mercedes suspended the partnership and removed FTX branding from its cars.
McLaren Racing
June 2021: Tezos partnered with McLaren Racing in a multi-year deal to develop NFTs for Formula 1 fans, and adding Tezos’ logo to McClaren’s cars and the suits of their drivers
June 2024: McLaren partnered with crypto exchange OKX to release a line of free Ethereum-based NFTs that included the sights and sounds from the F1 season.
Williams Racing
March 2023: F1 team Williams Racing partnered with crypto exchange Kraken to be its global partner after the collapse of FTX ended that deal in 2022.
Coinbase vs. Crypto.com: The branding battle
Coinbase’s latest deal puts it in direct competition with Singapore-based Crypto.com, which has aggressively expanded its branding reach.
In November 2021, Crypto.com secured naming rights to the home of the Los Angeles Lakes for $700 million.
Coinbase has also been expanding its presence in sports. In October, Coinbase became the official sponsor of the Golden State Warriors.
This deal was followed in November, with Coinbase becoming the official crypto partner of the Los Angeles Clippers as the team prepared to enter its new home, the Intuit Dome, after playing in the Crypto.com arena since 1999.
“We have a big presence in LA through our Clippers partnership, but we’ve already done a lot in sports, particularly in the U.S.,” Sun said. “The Aston Martin Aramco deal marks our first step toward a more global, international partnership.”
Edited by Sebastian Sinclair
