Coinbase aims to enter the Latin American banking sector—not through its own branches, but through others. On October 8, 2026, the company announced a partnership with fintech Gennius (Gennius XYZ) to bring the stablecoin ONED USD and a suite of digital services to banks in the region. Argentina is first, followed by other markets in Latin America and the Caribbean.
The offer to banks is simple: add stablecoin payments, custody, trading, and loyalty bonuses to the existing app without overhauling the tech stack. Customers will be able to convert eligible deposits into a dollar-pegged token, transfer it 24/7, and spend with a Visa card.
ONED USD was launched in mid-2026: each token is issued 1:1 to USDC, which is held in custody by Coinbase. Besides deposits, customers will be able to convert loyalty points—the most unusual part of the program. Points, usually idle in airline or card programs, could become digital dollars. Gennius will act as the program manager, bridging the bank systems and Coinbase infrastructure.
Gennius was founded in 2013 and reformed in 2022: it works with over 85 financial institutions and manages more than 520 loyalty programs. It has relationships with Visa and Mastercard. Coinbase brings regulated custody and USDC, Gennius brings banking connections.
Argentina was chosen deliberately: Coinbase has previously faced challenges in the country with local currency services. Now the company is going through banks rather than directly to consumers: the bank owns the 'front door,' Coinbase the 'back office.'
For USDC, the scheme is significant: each ONED USD is backed by USDC in Coinbase custody, meaning more issued tokens result in more locked reserves. For banks, the product is protective: customers seeking digital dollars are already finding them outside the banking system, and a product under their own brand allows them to keep them inside.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.