@coinbase has agreed a partnership with Singapore-based payments firm Thunes (@ThunesPayments) to connect stablecoin transfers with local bank accounts and mobile wallets. The two companies a
@coinbase has agreed a partnership with Singapore-based payments firm Thunes (@ThunesPayments) to connect stablecoin transfers with local bank accounts and mobile wallets. The two companies announced the collaboration on October 19 at Money20/20 USA in Las Vegas, according to a Thunes press release.
Each side supplies a different piece of the payment chain. Per the press release, Coinbase will power Thunes' stablecoin infrastructure through its suite of stablecoin products, allowing Thunes to integrate stablecoins more deeply across its global network.
In return, Coinbase will integrate Thunes' Direct Global Network into its platform. That gives it direct payout access to local clearing systems and alternative payment methods. Thunes will provide real-time, last-mile delivery to mobile wallets and bank accounts, including in regions with limited banking infrastructure, the release said.
The companies are targeting three use cases: enterprise supplier payments, global gig worker payouts and international remittances. The Defiant reported that launch timing and initial markets have not been specified.
Alec Lovett, Head of Infrastructure Products at Coinbase, said working with Thunes will allow the exchange to offer faster payouts across more countries and currencies. Thunes Deputy CEO Chloé Mayenobe described her company as a bridge between traditional finance, mobile wallets and digital assets.
Thunes says its Direct Global Network reaches more than 140 countries and connects to billions of bank accounts, mobile and stablecoin wallets and cards. The company has also said it holds 50 Money Transmission Licenses across US states and territories, which supports direct connections to domestic clearing systems.
The deal fits a wider push by Coinbase to move stablecoins into existing payment rails. Last month the company announced a separate partnership with Moov to bring stablecoin acceptance, settlement and funding to more than 1,000 community banks and credit unions, according to the Coinbase blog.
For businesses, the practical appeal is reach. Stablecoins can move value quickly across borders, but recipients often need local currency in a bank account or mobile wallet. Linking the two ends of that process is the problem the partners say they are addressing.
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