San Francisco-based Coinbase and the UK-based Formula One team Aston Martin Aramco announced a sponsorship deal Thursday, making the U.S.’s top crypto exchange the team’s official sponsor. Coinbase’s branding will appear on Aston Martin’s AMR25 car and the racing suits of Fernando Alonso and Lance Stroll during the 75th Formula One World Championship season as part of the deal.
The deal is particularly notable because the undisclosed amount of the deal is being paid in USDC. “Aston Martin had the option, and when asked, they chose to be paid entirely in USDC because they see the benefits,” Coinbase Vice President of Marketing Gary Sun told Decrypt in an interview. Stablecoins typically offer advantages over traditional means, including lower and borderless transaction costs. “[Aston Martin] are also onboarding as a prime institutional customer, making this much more than just a marketing partnership,” he said.
While Coinbase doesn’t promote stablecoins over other cryptos, using USDC, Sun explained, offers greater efficiency and speed for large-scale transactions. “We are happy to pay partners in any type of crypto they choose,” Sun said. “Partners choose certain assets based on how it fits in the broader picture.” Crypto’s presence in Formula One isn’t new. In June 2021, Crypto.com signed a multi-year deal with F1. This sponsorship was followed by another in February 2022, when Crypto.com entered a nine-year deal worth $100 million, with Formula 1 securing the naming rights to the Miami Grand Prix.
In December 2024, F1 renewed its deal with Crypto.com, extending the cryptocurrency exchange’s presence in the sport. Under the agreement the race would officially be known as the Formula 1 Crypto.com Miami Grand Prix and use the crypto exchange’s branding. Individual racing teams have also made branding deals, raising crypto’s profile on the track.
