Klarna Turns to Stablecoins in New Funding Deal With Coinbase
What Did Klarna Announce With Coinbase?
Klarna has entered a partnership with Coinbase to raise short-term institutional funding denominated in USDC, adding stablecoins to the Swedish fintech’s balance-sheet toolkit. Under the arrangement, Klarna plans to use Coinbase’s crypto-native infrastructure to source funding from institutional investors, according to a Friday announcement.
The funding channel will sit alongside Klarna’s existing sources, which include consumer deposits, long-term debt, and short-dated commercial paper. Unlike consumer-facing crypto products, the initiative targets capital markets functions, focusing on how the company finances itself rather than how customers pay or borrow.
“This is an exciting first step into a new way to raise funding,” Klarna chief financial officer Niclas Neglén said. “Stablecoin connects us to an entirely new , and gives us the potential to diversify our funding sources in ways that simply weren’t possible a few years ago.”
Investor Takeaway
Why Are Stablecoins Entering Institutional Funding?
Stablecoins have moved far beyond their ahead role as settlement tools inside . Today, large enterprises are exploring them as a way to raise, move, and deploy capital with fewer intermediaries and shorter settlement cycles. For companies like Klarna, which operate across multiple currencies and jurisdictions, dollar-pegged tokens offer a programmable alternative to traditional short-term funding instruments.
Institutional investors are also becoming more comfortable with regulated stablecoins, particularly as legal frameworks take shape. In the United States, the in July established clearer rules for issuance and oversight, accelerating adoption by banks, fintechs, and payment firms. That clarity has contributed to a rise in enterprise-issued tokens and stablecoin-backed funding structures.
Klarna’s approach keeps stablecoins confined to institutional flows. The company said the initiative remains in development and warned that regulatory, market, and operational risks could affect outcomes. The structure is designed to complement existing funding channels rather than replace them.
Why Did Klarna Choose Coinbase?
Klarna said it selected infrastructure to large enterprises. Coinbase currently supports more than 260 businesses worldwide, offering custody, settlement, and blockchain-based financial services tailored for institutional use.
The partnership reflects a broader shift in how traditional with crypto platforms. Rather than launching consumer trading products, many are using platforms as backend infrastructure providers, similar to how banks rely on clearing houses or payment processors.
For Coinbase, the deal reinforces its strategy of serving enterprises outside of retail trading. Stablecoin settlement, treasury services, and institutional rails have become central to its pitch as crypto .
Investor Takeaway
How Does This Fit With Klarna’s Broader Crypto Plans?
The stablecoin funding initiative is separate from Klarna’s consumer- and merchant-facing crypto efforts. The company has said those projects, which may include wallets or other , are expected to move further in 2026.
Last month, Klarna launched a US dollar–pegged stablecoin called KlarnaUSD, becoming the first digital bank to issue a token on Tempo, a layer-1 blockchain developed by . The token was built by Bridge, a , and is currently live on Tempo’s testnet. A mainnet launch is planned for 2026.
That issuance extended Klarna’s long-standing partnership with Stripe and placed the company among a small group of experimenting with issuing their own dollar-backed tokens. The move aligns with a broader trend among payment firms exploring stablecoins as settlement and treasury tools rather than consumer speculation assets.
What Comes Next for Stablecoin-Based Funding?
Klarna’s experiment sits at the intersection of fintech funding and onchain finance. If successful, it could offer a template for other large payment firms viewking alternatives to traditional short-term debt markets. Stablecoin-denominated funding may appeal to investors looking for quicker settlement, transparent issuance, and direct exposure to dollar-linked instruments without relying on legacy rails.
At the identical time, regulatory treatment, liquidity depth, and investor appetite will determine how far these models spread. Klarna has been careful to frame the initiative as exploratory, not transformative.
