On October 8, 2026, Coinbase announced a partnership with Gennius (Gennius XYZ) to introduce the ONED USD stablecoin and digital asset services to banks across Latin America. The initiative begins in Argentina, allowing bank customers to convert eligible deposits or loyalty rewards into this USDC-backed token for instant transfer and Visa card spending.
Gennius acts as the program manager, integrating Coinbase’s issuance and custody infrastructure with existing bank systems without requiring core tech overhauls. Founded in 2013 and reformed in 2022, Gennius serves over 85 financial institutions and manages more than 520 loyalty programs globally. Each ONED USD token is issued 1:1 against USDC held in Coinbase custody, leveraging Gennius’s established relationships with Visa and Mastercard.
This strategic move allows Coinbase to embed itself within traditional banking infrastructure rather than relying solely on direct-to-consumer exchange activity. By routing through banks that already manage compliance, onboarding, and local currency rails, Coinbase avoids the operational hurdles it previously faced in Argentina's consumer market. This approach positions the bank as the customer-facing entity while Coinbase operates in the back office, effectively borrowing distribution channels to scale adoption.
For the broader market structure, the partnership creates a defensive mechanism for banks facing competition from external crypto providers. Offering white-label stablecoin products helps institutions retain customer deposits and engagement by providing around-the-clock dollar access within their own ecosystems. Additionally, every ONED USD issued increases the demand for USDC reserves held in Coinbase custody, reinforcing the utility of its regulated infrastructure as a foundational layer for regional payment systems.
