Coinbase Spiko Stablecoin Deal Opens EU UCITS Fund Access

Coinbase announced a partnership with Spiko Finance that lets investors subscribe and redeem in USDC and EURC for European UCITS money market funds. The service runs on Coinbase Payments and the Base network, Coinbase's Ethereum L2.

The move targets the settlement delays of traditional bank transfers, which can take days. Coinbase cited an EY-Parthenon survey where 88% of institutional investors called T+0 securities settlement a major use case for stablecoins.

Investors can move idle stablecoins into Treasury-backed funds on weekends and holidays, and redeem back into USDC or EURC within minutes, Coinbase said. The firm posted on X: "We're partnering with Spiko Finance for instant stablecoin entry and exit in European UCITS funds."

The partnership is Coinbase's first such stablecoin deal in Europe. It comes after the exchange received a MiCA license and moved its EU headquarters to Luxembourg. Rival Binance failed to secure a MiCA license in Greece and withdrew its application.

Despite the announcement, COIN stock fell 1.67% to $149.12 in pre-market trading Tuesday. AlphaScala's proprietary score for COIN is 25 out of 100, a Weak rating.

The stock decline suggests the market is weighing the partnership's near-term revenue impact against the broader regulatory and competitive landscape. Some traders viewed the drop as profit-taking after the MiCA license news, according to a CoinDesk report.

The service is powered by Base, which offers low-cost blockchain settlement. Coinbase is also providing wallet services and API connectivity for automated capital flows.

Coinbase said the service is available now for Spiko's European and U.S. Treasury bill money market funds.