Coinbase and Aston Martin Seal F1 Sponsorship Deal Paid in Stablecoin USDC

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.