Stablecoins
Coinbase Partners with Gennius to Launch ONED USD Stablecoin in Latin America
On October 8, 2026, Coinbase announced a partnership with fintech firm Gennius to bring the ONED USD stablecoin and a suite of digital asset services to banks across Latin America, beginning with Argentina.
The collaboration allows banks to integrate stablecoin payments, custody, trading, and loyalty rewards into their existing applications without overhauling their technology. Customers will be able to convert eligible deposits into a dollar-pegged token and spend it using a Visa card.
ONED USD, launched in mid-2026, is issued 1:1 against USDC held in Coinbase custody. Customers can also convert loyalty rewards into spendable digital dollars, enhancing the utility of existing loyalty programs. The program is designed to facilitate instant transfers and spending through Visa cards issued by participating banks.
Gennius, founded in 2013, has established relationships with over 85 financial institutions and manages more than 520 loyalty programs globally. This partnership allows Coinbase to leverage Gennius's banking connections while providing regulated custody and issuance infrastructure.
Starting in Argentina is a strategic move for Coinbase, which has faced challenges in the country. By partnering with local banks, Coinbase aims to navigate compliance and local currency issues more effectively.
This initiative signals Coinbase's intent to integrate into traditional banking systems rather than relying solely on exchange activities. For banks, offering a white-label stablecoin product helps retain customers seeking digital dollar options, keeping their deposits within the bank's ecosystem.
FAQ
What is the ONED USD stablecoin?
ONED USD is a stablecoin launched by Coinbase in partnership with Gennius, pegged 1:1 against USDC held in Coinbase custody. It allows users to convert eligible deposits into a dollar-pegged token.
How will banks in Latin America benefit from the partnership?
Banks will be able to integrate stablecoin payments, custody, trading, and loyalty rewards into their existing applications without needing to overhaul their technology, enhancing their digital asset services.
What features does the ONED USD stablecoin offer to customers?
Customers can convert eligible deposits into ONED USD, spend it using a Visa card, and convert loyalty rewards into spendable digital dollars, increasing the utility of their loyalty programs.
Why is Coinbase starting this initiative in Argentina?
Coinbase is starting in Argentina to navigate compliance and local currency issues more effectively, leveraging Gennius's established relationships with local banks.
What does the partnership with Gennius mean for Coinbase's strategy?
The partnership signifies Coinbase's intent to integrate into traditional banking systems, offering a white-label stablecoin product that helps banks retain customers seeking digital dollar options.