Singapore-headquartered Thunes and Coinbase have announced a partnership connecting Coinbase’s stablecoin services with Thunes’ bank-account and mobile-wallet payout network.
Coinbase will integrate the Thunes Direct Global Network into its platform, providing access to local clearing systems and alternative payment methods across additional countries and currencies.
Thunes said its network would provide last-mile delivery to billions of mobile wallets and bank accounts.
The use cases named in the announcement include international remittances, payments to gig workers and enterprise supplier payments.
Coinbase will provide the stablecoin infrastructure used by Thunes, allowing Thunes to integrate stablecoins more extensively across its global network.
“Digital assets have become a core part of our financial ecosystem, but connecting digital currencies to fiat and local domestic financial systems remains essential for real-world utility,” said Chloé Mayenobe, Deputy CEO of Thunes.
“Thunes serves as the crucial bridge connecting traditional finance, mobile wallets, and digital assets.”
Alec Lovett, Head of Infrastructure Products at Coinbase, said: “Last-mile connectivity is a key part of this, and working alongside Thunes allows us to deliver an end-to-end payment experience that offers faster, friction-free payouts across more countries and currencies than ever before.”
Kyle Rosen, Head of North America at Thunes, said the integration would allow Coinbase to use the Thunes network to provide payouts to its users.
Herald View
Every stablecoin payment is only as good as its last mile, and Coinbase is using Thunes for that rather than building its own. Thunes gets the better side of the deal, because stablecoin flows run through its payout network while Coinbase does the crypto work. Banks that charge for remittances and supplier payments face a route that starts from a stablecoin balance and pays out locally.
