Coinbase Partners with Aston Martin F1, Transactions Conducted Exclusively in $USDC

Coinbase, located in San Francisco, and the UK-based Aston Martin Aramco Formula One team announced a sponsorship agreement on Friday, designating Coinbase as the official sponsor for the forthcoming Formula One season.

This arrangement is notable for being entirely executed in USDC, a stablecoin linked to the U.S. dollar, marking it as the first publicly disclosed F1 partnership compensated solely in digital currency.

Coinbase’s Branding Accelerates on Aston Martin F1’s AMR25 Race Car

This agreement establishes Coinbase as the official sponsor of Aston Martin’s F1 team for the 75th Formula One World Championship season.

Under the terms of the agreement, Coinbase branding will be featured on significant components of the AMR25 race car, including the halo and rear-wing end plates, as well as on the racing suits of drivers Fernando Alonso and Lance Stroll throughout the season.

This could be a memorable season.
See you on the track @AstonMartinF1. pic.twitter.com/0egkFZ0WxE

— Coinbase (@coinbase) February 14, 2025

According to Gary Solar, Coinbase’s Vice President of Marketing, Aston Martin opted to receive the payment in USDC.

The company highlighted the advantages of stablecoins, such as reduced transaction fees and the ability for borderless payments.

While this sponsorship boosts Coinbase’s presence in global motorsports, Aston Martin F1 is also investigating on-chain fan engagement opportunities, suggesting a broader initiative towards blockchain-based interactions with its audience.

Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco, underscored the significance of the agreement:

“This partnership demonstrates the trust and confidence we have in Coinbase’s expertise as a leader in digital finance. By conducting this deal entirely in USDC, we are signaling our commitment to innovation, fostering a sustainable, forward-thinking relationship with Coinbase.”

Crypto in Formula One: An Emerging Trend Among Leading Teams

Coinbase has established its presence in Formula One, joining a growing list of crypto-related sports sponsors. Although crypto sponsorships are relatively new to F1, they have been expanding for several years.

Crypto.com set the standard in June 2021 with a multi-year F1 agreement, later securing a $100 million, nine-year deal in February 2022. In December 2024, the company strengthened its connections by extending its sponsorship and solidifying its branding at the Miami Grand Prix.

In addition to league-wide agreements, individual teams have also embraced crypto partnerships.

Red Bull Racing has collaborated with SUI (2023), Bybit (2022), and Mysten Labs (2023) for NFT and blockchain-based fan engagement.

Mercedes-AMG Petronas initially partnered with FTX in 2021 but ended the relationship in 2022 following the exchange’s collapse.

Meanwhile, McLaren Racing and Williams Racing have aligned with Tezos, OKX, and Kraken on various crypto initiatives.

Coinbase’s latest F1 agreement directly competes with Crypto.com, which has aggressively expanded its sports branding, including a $700 million naming rights deal for the LA Lakers’ arena.

Coinbase has also been increasing its visibility, securing sponsorships with the Golden State Warriors and the LA Clippers.

Coinbase’s Revenue Rises Alongside Sports Sponsorships

In addition to sponsorships, Coinbase reported strong financial performance in Q4, exceeding revenue expectations.

The company achieved $1.3 billion in net earnings ($4.68 per share), a significant increase from the previous year’s $273 million ($1.04 per share).

Revenue surged to $2.3 billion, with transaction revenue reaching $1.56 billion—well above projections.

Despite efforts to diversify revenue streams, trading still accounted for 68.5% of total earnings, driven by increased retail activity.

Stablecoin revenue decreased by 9% quarter-over-quarter to $226 million but rose by 31% year-over-year to $910 million, with USDC emerging as the fastest-growing major stablecoin in 2024.

Looking ahead, both Coinbase and Aston Martin Aramco stand to gain from the global exposure this sponsorship provides, particularly as digital currencies continue to develop.

With stablecoin transactions positioned at the intersection of finance and sports, the partnership may pave the way for new on-chain engagements.

While competition in Formula One—and in crypto sponsorships—remains fierce, this collaboration illustrates how traditional sports and blockchain-based platforms can work together to create innovative experiences for fans and investors alike.

The post Coinbase Partners with Aston Martin F1, Pays Solely in $USDC appeared first on Cryptonews.