Coinbase announced on October 8, 2026 a partnership with fintech Gennius to bring the USDC-backed ONED USD stablecoin to Latin American banks, starting with Argentina before expanding to other markets. The program would allow bank customers to convert eligible deposits and loyalty points into dollar-pegged tokens, then spend them instantly via Visa cards issued by their bank, around the clock. Gennius would serve as program manager, acting as an intermediary between existing banking systems and Coinbase’s custody and issuance infrastructure. Each ONED USD in circulation would be backed 1:1 by USDC held in Coinbase custody, increasing the locked USDC reserves. Strategically, Coinbase is aiming to embed itself in traditional banking infrastructure rather than relying solely on exchange activity.
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