Coinbase, Spiko Partner on Stablecoin Mutual Fund Transfers

Coinbase is partnering with France-based Spiko to let mutual fund investors use USDC for subscriptions and redemptions. Spiko, which runs tokenized money market funds on Ethereum, will process transfers through Coinbase Payments, cutting settlement delays, the companies said.

The setup replaces traditional bank wires with stablecoin transfers. Investors can move money in and out of Spiko's funds without waiting for the standard T+2 settlement cycle, according to the firms. That means faster access to capital for fund managers and lower operational risk from failed wire transfers.

Spiko's funds invest in short-term government securities and are fully collateralized. The tokenized structure lets investors hold fund shares directly on-chain, with USDC serving as the entry and exit vehicle. Coinbase's payment infrastructure handles the conversion between fiat and stablecoin, the companies said.

The partnership is the latest example of stablecoins moving beyond crypto trading into mainstream finance. Asset managers including BlackRock and Franklin Templeton have launched tokenized money market funds, according to public filings. Tokenized real-world assets, including money market funds, have grown to over $1 billion in on-chain value, data from RWA.xyz shows.

For Coinbase, the deal deepens its push into institutional payments. The exchange has been expanding its Coinbase Payments product to handle fiat-to-crypto flows for businesses. Spiko is one of several partners using the service for fund distribution.

The partnership comes as Europe's Markets in Crypto-Assets regulation takes effect, providing a clearer legal framework for stablecoin use in financial products. USDC is the second-largest stablecoin by market cap, with about $34 billion in circulation. Circle, its issuer, has been pushing for wider adoption in payments and settlements.

Coinbase's Alpha Score sits at 25 out of 100, a Weak rating, reflecting the stock's underperformance relative to sector peers. The company's shares have lagged the broader market this year as crypto trading volumes remain subdued.

Spiko said the integration reduces counterparty risk by settling transactions on-chain, a feature it expects to attract institutional investors seeking faster fund flows.