Can Coinbase send money to a GCash wallet? Through a new partnership, it is building the pipes to do so. Coinbase and Singapore headquartered payments company Thunes announced a strategic collaboration at Money20/20 USA on 19 October, under which Coinbase will integrate Thunes' Direct Global Network to pay out directly into local bank systems and mobile wallets, according to a Thunes press release published by The Manila Times. In return, Coinbase will power Thunes' stablecoin infrastructure.
The deal links the world of stablecoins with the "last mile" of everyday money: the mobile wallets and bank accounts where people actually receive and spend funds. Thunes says its network reaches more than 140 countries and connects to wallets such as the Philippines' GCash. For Southeast Asia, where millions of families depend on remittances from abroad, the question is whether stablecoins can make sending money home cheaper and faster.
What the partnership does
Under the agreement, Coinbase will integrate Thunes' Direct Global Network into its platform, creating direct payout access to local clearing systems and alternative payment methods. Thunes will provide real time "last mile" delivery to mobile wallets and bank accounts, allowing Coinbase customers to send funds to more countries and currencies, including regions with limited banking infrastructure.
Coinbase will provide its suite of stablecoin services to Thunes, enabling Thunes to integrate stablecoins more deeply across its network. In practice, that could allow money to move internationally as a stablecoin, such as a digital dollar, and then be converted and delivered in local currency to a recipient's wallet or bank account.
"Thunes serves as the crucial bridge connecting traditional finance, mobile wallets, and digital assets," said Chloe Mayenobe, deputy chief executive at Thunes. "Together with Coinbase, we are enabling seamless fully compliant cross border payouts, anywhere in the world."
The deal runs in both directions. Coinbase gains global payout reach without building local connections country by country, while Thunes gains stablecoin capabilities without developing its own blockchain infrastructure. Each partner fills a gap in the other's network, a common pattern as traditional payment firms and crypto companies converge on cross border payments.
Who Thunes is
Thunes is a Singapore headquartered payments company that describes itself as a "smart superhighway" for moving money. Its network connects to more than 12 billion mobile wallets, stablecoin wallets and bank accounts, as well as 15 billion cards, through more than 220 payment methods, including GCash, M-Pesa, Airtel, MTN, JazzCash, Easypaisa, Alipay and WeChat Pay HK, according to the release.
Its members include gig economy companies such as Uber and Deliveroo, super apps such as Grab and WeChat, money transfer operators, fintechs, payment service providers and banks. That gives Coinbase access to a network already used by some of Asia's biggest consumer platforms to pay drivers, merchants and customers.
Stablecoins can cross a border in seconds. The hard part has always been the last metre, getting the money into a wallet a grandmother in Cebu actually uses.
Alec Lovett, head of infrastructure products at Coinbase, said last mile connectivity is a key part of unlocking the potential of stablecoins, enabling faster payouts across more countries and currencies.
Thunes has offices in 14 locations, including Barcelona, Beijing, Dubai and Hong Kong, according to the release. Its proprietary systems include an in house treasury system and a compliance platform, which are essential for moving money across many jurisdictions with different anti money laundering and sanctions rules.
Why remittances matter in Southeast Asia
Remittances are a lifeline for many Southeast Asian economies. The Philippines and Vietnam each receive billions of dollars a year from workers abroad, and digital banks and wallets are competing to make transfers cheaper, as we covered in our report on Philippine digital banks and remittances. Traditional transfers can be slow and expensive, with fees and exchange rate margins eating into what families receive.
Stablecoins offer a potential alternative for the international leg of a transfer. Instead of moving through multiple correspondent banks, value can move on a blockchain and be converted at the destination. The challenge has been connecting that digital money to local wallets and banks in a compliant way, which is what the Coinbase and Thunes deal aims to solve.
Other payment giants are moving in the same direction. Mastercard has launched a tool to screen stablecoin payments for fraud and sanctions risks, as covered in our report on Mastercard's Stablecoin Security service, showing how traditional payment networks and crypto firms are converging.
For recipients, the experience may not change much on the surface. A family in the Philippines would still receive pesos in a GCash wallet. The difference lies behind the scenes, in how the money crosses borders, which could reduce the number of intermediaries and the time funds spend in transit.
Coinbase's share price pressure
The partnership comes as Coinbase's shares struggle. The stock was down 17 percent over 30 days and 30.5 percent year to date, closing at 164.45 dollars before 25 October, according to Simply Wall St, as published by Yahoo Finance. Coinbase often behaves like a leveraged bet on crypto prices, rising and falling with trading volumes.
Expanding into payments is one way for Coinbase to diversify beyond trading fees, which depend heavily on market sentiment. Stablecoin services, payouts and infrastructure could provide steadier revenue if adoption grows. The key questions for the partnership include:
- How quickly Coinbase customers can use Thunes payouts
- Which countries and wallets will be supported first
- What fees users will pay compared with traditional transfers
- How regulators in each market treat stablecoin based transfers
- Whether volumes are large enough to matter for Coinbase's revenue
Valuation views on Coinbase differ widely. One narrative model cited by Simply Wall St put fair value at 247.39 dollars, well above the share price, while its own discounted cash flow model estimated a much lower value. The gap reflects how differently investors price long term crypto adoption, and how much uncertainty surrounds the business.
Regulation also matters for Coinbase's payments ambitions. Stablecoin rules are being written in the United States, Hong Kong, Singapore and elsewhere, and the details, from reserve requirements to licensing, will determine how freely Coinbase and partners can move money across borders.
What it means for users and the industry
For users in Southeast Asia, the partnership could eventually mean more options to receive money from abroad directly into wallets such as GCash, potentially with lower costs and faster delivery. However, availability will depend on regulation in each country, and many details, including pricing and launch timing, have not been disclosed.
For the payments industry, the deal shows that stablecoin companies need traditional payout networks, and those networks increasingly want stablecoin capabilities. Singapore's role as headquarters for Thunes underlines the city's position as a hub where traditional finance and digital assets meet.
What is the Coinbase and Thunes partnership?
Coinbase will integrate Thunes' payout network, and Thunes will use Coinbase's stablecoin infrastructure, announced on 19 October 2026.
Can Coinbase send money to GCash?
Thunes' network connects to GCash, and the partnership gives Coinbase access to that network for payouts.
What is Thunes?
Thunes is a Singapore headquartered payments company with a network covering more than 140 countries and 90 currencies.
How many wallets does Thunes reach?
Thunes says it connects to more than 12 billion mobile wallets, stablecoin wallets and bank accounts, and 15 billion cards.
Which payment methods does Thunes support?
More than 220, including GCash, M-Pesa, Airtel, MTN, JazzCash, Easypaisa, Alipay and WeChat Pay HK.
Who uses Thunes?
Members include Uber, Deliveroo, Grab, WeChat, money transfer operators, fintechs and banks.
What does Coinbase provide to Thunes?
Coinbase will power Thunes' stablecoin infrastructure across its global network.
Why do stablecoins matter for remittances?
They can move value internationally quickly, with conversion to local currency at the destination.
Where was the deal announced?
At Money20/20 USA in Las Vegas on 19 October 2026.
How have Coinbase shares performed?
Coinbase shares were down 30.5 percent year to date and 17 percent over 30 days before 25 October.
When will the service be available?
The companies have not disclosed detailed launch timing or pricing.
Who is Chloe Mayenobe?
She is deputy chief executive at Thunes.
Is this available in the Philippines?
Thunes connects to GCash, but availability depends on regulation and rollout plans that have not been fully disclosed.
Why is Coinbase expanding into payments?
To diversify revenue beyond trading fees, which depend on crypto market sentiment.
Are other companies doing similar things?
Yes. Mastercard and other payment networks are building stablecoin services and screening tools.
Coinbase's partnership with Thunes connects stablecoins to the wallets and bank accounts where billions of people receive money, including GCash. For Southeast Asian families relying on remittances, it could eventually mean faster, cheaper transfers. For Coinbase, it is another step beyond trading toward becoming payments infrastructure.
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