Dateline: Coinbase and Thunes, partnership, 19 October 2026

Coinbase and Thunes, the Singapore-based cross-border payments network, announced a two-way collaboration on 19 October 2026 in which Coinbase will power Thunes’ stablecoin infrastructure and Coinbase will integrate Thunes’ Direct Global Network to pay out to bank accounts and mobile wallets in more than 140 countries. Fintechbits compared the Coinbase Thunes stablecoin announcement with Visa’s 15 October Visa Direct step, which named one enabler and one stablecoin, USDC, while the Coinbase and Thunes releases name no stablecoin, no corridor, no launch date and no volume. Both companies list supplier payments, gig worker payouts and remittances as target uses.

What the Coinbase Thunes stablecoin collaboration does

The deal runs in both directions. According to the Coinbase announcement, Coinbase will power Thunes’ stablecoin infrastructure, helping Thunes integrate stablecoins across its network. In return, Coinbase will integrate Thunes’ Direct Global Network into its platform, giving Coinbase customers direct payout access to local clearing systems and alternative payment methods.

The reach comes from Thunes. Its release says the network lets members pay in real time in more than 140 countries and 90 currencies, and connects to over 12 billion mobile wallets, stablecoin wallets and bank accounts. Coinbase’s post adds that Thunes holds more than 50 payment licences. Thunes members include Uber, Deliveroo, Grab and WeChat.

Chloé Mayenobe, deputy CEO of Thunes, described the company as a bridge between traditional finance, mobile wallets and digital assets. Alec Lovett, head of infrastructure products at Coinbase, said last-mile connectivity is a key part of making stablecoins useful.

How it compares with Visa and Mastercard

Card networks made similar moves days earlier. Fintechbits covered Visa Direct’s stablecoin prefunding on 15 October, which moved from pilot to commercial use with Inyo Global as the first enabler, letting clients fund cross-border payouts with USDC. On the same day, Mastercard and BVNK launched the Mastercard Global Money Platform, a single API covering stablecoin and fiat accounts, cards and payouts through Mastercard Move.

The three deals solve the same problem from different ends. Visa and Mastercard bring their own payout networks to stablecoin holders. Coinbase, which has stablecoin infrastructure but no global payout network of its own, is renting one from Thunes.

Fintechbits analysis

Fintechbits analysis

Why Coinbase needs Thunes more than Thunes needs Coinbase

A stablecoin is only useful for payments if the recipient can turn it into money they can spend. That last step, from a dollar token to pesos in a bank account or shillings in an M-Pesa wallet, needs local licences and clearing access in each country. Thunes has built exactly that. Coinbase has stablecoin infrastructure, custody and a large developer platform, but without a partner like Thunes it can only move value between wallets.

So the strategic logic is clear, and I think it favours Thunes. Thunes gets stablecoin infrastructure from a well-capitalised US partner and can keep selling its payout network to anyone else. Coinbase gets reach it would struggle to build alone, but the reach belongs to Thunes.

The announcements are thin on facts, though. Neither names a stablecoin. Neither says when the integration goes live, which corridors come first, or how fees are shared. Visa’s announcement days earlier was narrower but named its enabler and its stablecoin, which made it easier to check. A partnership described as kicking off a unified infrastructure is a statement of intent until one of these details appears.

Frequently asked questions

What is the Coinbase Thunes stablecoin partnership?

Coinbase will power Thunes’ stablecoin infrastructure, and Coinbase will integrate Thunes’ Direct Global Network so its customers can pay out to local bank accounts and mobile wallets. The companies announced the collaboration on 19 October 2026 at Money20/20 USA.

How large is the Thunes network?

Thunes says its Direct Global Network allows real-time payments in more than 140 countries and 90 currencies and connects to over 12 billion mobile wallets, stablecoin wallets and bank accounts. Its members include Uber, Deliveroo, Grab and WeChat.

What do the announcements leave out?

Fintechbits compared them with Visa’s 15 October Visa Direct step, which named Inyo Global as enabler and USDC as the stablecoin. The Coinbase and Thunes releases name no stablecoin, corridor, launch date or volume.

What to Watch Next

The first named corridor will show what the deal is for. A remittance route such as the US to the Philippines or Kenya, where Thunes lists GCash and M-Pesa among its payout methods, would show stablecoins carrying consumer money. A supplier payments launch with a named enterprise client would point to the B2B market Visa and Mastercard are also chasing. Either way, I would treat the deal as a plan until one of the companies says a specific stablecoin is settling live payouts.

Why this matters

Fintechbits notes that Visa’s 15 October Visa Direct step named USDC and its first enabler, while the Coinbase and Thunes releases name no stablecoin, corridor, launch date or volume. The deal pairs Coinbase’s stablecoin infrastructure with Thunes’ payout network in more than 140 countries and 90 currencies. It gives Coinbase the last-mile reach stablecoin payments need. The open question is how quickly a real corridor goes live, and on what terms.

Primary sources

coinbase.com | COMPANY STATEMENT | https://www.coinbase.com/blog/coinbase-and-thunes-connect-stablecoin-infrastructure

thunes.com | COMPANY STATEMENT | https://www.thunes.com/news/thunes-and-coinbase-join-forces-to-drive-next-generation-global-payments/