Coinbase and Gennius to Integrate ONED Stablecoin Into Latin American Bank Apps
New integration brings ONED stablecoin to Argentinian banks
Coinbase and fintech provider Gennius are launching a service to integrate the ONED USD stablecoin directly into banking applications in Latin America. The project will begin in Argentina, allowing bank customers to handle digital assets without leaving their existing banking platforms.
A stablecoin is a digital asset designed to maintain a steady value, usually pegged to a traditional currency like the U.S. dollar. This initiative aims to put crypto custody, which is the secure storage of digital assets, and trading services inside the apps customers already use for their daily banking.
Key features of the bank-integrated service
- Customers can convert eligible bank deposits into ONED USD.
- Users can make digital currency transfers 24 hours a day, 7 days a week.
- The stablecoin can be spent through the Visa payment network.
- Gennius will provide the connections, known as on- and off-ramps, to move money between conventional currency and digital assets.
Coinbase details the ONED USD token
According to Coinbase's announcement on October 9, ONED is a partner-branded token built on Base, which is a blockchain network or digital ledger. The token is backed one-for-one by USDC, another type of stablecoin, held in Coinbase's custody. Coinbase manages the process of issuing and redeeming these tokens.
Confirmed details and infrastructure
Gennius, a provider that specializes in tokenized value and loyalty programs, originally launched ONED in July. The new initiative expands the token's use by bringing it directly to bank customers. For banks, this setup allows them to offer digital dollar services without needing to replace their current technology systems.
Missing information on banks and timing
While the partnership has been announced, several important details are not yet available. Coinbase has not named the specific banks that will participate in the program. Additionally, the company has not set a public launch date or specified if a pilot program is currently operating. It also remains unclear which specific types of bank accounts or currencies will be considered "eligible deposits" for conversion.
Addressing dollar demand in Argentina
The project focuses on Argentina because there is high local demand for digital alternatives to traditional dollar access. Reports from Chainalysis suggest that people in Argentina often use crypto as a way to access foreign currency that is otherwise in short supply. By integrating these services into banking apps, users can access digital dollars through their existing financial relationships.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.