Aston Martin F1 strikes Coinbase deal, completes payment in crypto stablecoins

Aston Martin Aramco Formula One Team inked a multi-year deal with Coinbase today, and every single dollar of it was paid in USDC—a first for Formula One. No banks, no fiat, just crypto on-chain. The motorsport team announced that Coinbase is now its Official Crypto Partner.

The agreement will see Coinbase branding plastered across Aston Martin’s AMR25 race car, with its logo appearing on the halo, rear-wing end plates, and the racing suits of drivers Fernando Alonso and Lance Stroll.

Jefferson Slack, Managing Director of Commercial at Aston Martin Aramco F1, said, “This partnership shows the trust and confidence we place in Coinbase’s expertise as a leader in digital finance. By transacting this deal fully in USDC, we’re signaling our commitment to innovation, building a sustainable, forward-thinking relationship with Coinbase.”

The deal arrives at a time when crypto adoption is surging. More than 560 million people worldwide now own crypto, with stablecoins being the preferred medium for transactions and payments.

Coinbase posts record-breaking earnings

Just yesterday, Coinbase reported its highest quarterly revenue in three years, fueled by the broader crypto bull run. The numbers were:

• $2.27 billion in revenue, beating Wall Street’s $1.88 billion estimate.
• Earnings per share at $4.68, far surpassing the $1.81 analysts expected.
• $1.3 billion net income, a massive leap from $273 million a year ago.
• $439 billion in total trading volume, up 185% year-over-year.
• 224% jump in consumer trading volume, alongside a 176% increase in institutional trading.

Coinbase’s shareholder letter credited the surge to two major events: the launch of Bitcoin ETFs in Q1 2024 and the election of a pro-crypto US President and Congress in Q4.

“The majority of the Y/Y growth in Trading Volume was driven by higher levels of Crypto Asset Volatility — particularly in Q1 and Q4 — as well as higher average crypto asset prices,” the company said in its report. The strong earnings pushed Coinbase’s stock up 2% in extended trading.

Coinbase is also pushing hard for USDC adoption, planning to make it the number one stablecoin in the world, which is USDT’s spot right now. Brian Armstrong, CEO of Coinbase, said, “Our stretch goal is to make USDC the number one stablecoin.”

Alesia Haas, Coinbase’s Chief Financial Officer, told CNBC that USDC is primed for growth, especially as Congress moves closer to passing a stablecoin regulation bill.

“We can drive utility in this where we can drive more trading pairs on our own platforms denominated in USDC, which drives the liquidity, and the more liquidity you have in any asset, that drives more adoption.”

Coinbase has a revenue-sharing deal with Circle, the issuer of USDC, making the stablecoin’s expansion a core part of the company’s growth strategy. Right now, USDC holds 26% of the stablecoin market, behind Tether’s 67% share, but Coinbase is determined to change that.

Brian Armstrong, CEO of Coinbase, said, “Our stretch goal is to make USDC the number one stablecoin.”

Coinbase expects USDC adoption to drive higher sales and marketing expenses in Q1 2025 as the company pushes the stablecoin into more trading pairs and payment ecosystems.

Meanwhile, the company continues to diversify its revenue streams, reducing its reliance on trading fees. In Q4, subscription and services revenue—which includes staking, custody, and Coinbase One—generated $685 million to $765 million, showing steady growth in non-trading businesses.

Coinbase has already generated $750 million in trading revenue through February 11 and expects trading revenue to make up a mid-to-high teens percentage of net revenue in Q1 2025.

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