Klarna has taken a notable step into digital asset infrastructure by partnering with Coinbase to add stablecoin funding to its treasury operations. The Swedish payments firm plans to raise short-term funding from institutional investors using USDC, marking one of the clearest examples yet of a major European fintech adopting stablecoins as a balance sheet tool rather than a consumer product.
According to the announcement, Klarna will use Coinbase’s infrastructure to access USDC-denominated funding alongside its existing sources, which include consumer deposits, long-term loans, and short-dated commercial paper. The company described the initiative as an early-stage development, positioning it as an additional funding channel rather than a replacement for traditional financing.
At its core, the move is about access to dollar liquidity. By using USDC, Klarna can tap into what it calls “USD-like funding” while reaching institutional investors already active in digital asset markets. Chief Financial Officer Niclas Neglén framed the initiative as a first step toward diversifying funding sources in ways that were not feasible just a few years ago.
Stablecoins move into the treasury
Unlike many crypto announcements that focus on payments or consumer wallets, Klarna’s approach is firmly institutional. The stablecoin funding channel is aimed at professional investors and remains separate from any consumer- or merchant-facing crypto offerings. Klarna said those product initiatives are planned for 2026, underlining the deliberate sequencing of its digital asset strategy.
For Coinbase, the partnership reinforces its role as a crypto infrastructure provider rather than just a trading venue. Klarna cited Coinbase’s experience supporting more than 260 businesses globally as a key reason for the selection, highlighting the growing importance of regulated, enterprise-grade crypto services.
The choice of USDC is also telling. As a dollar-pegged stablecoin widely used in institutional markets, it allows Klarna to experiment with blockchain-based funding without taking on direct cryptocurrency price risk. In effect, the stablecoin functions as a new settlement rail rather than a speculative asset.
Implications for Europe
Klarna’s move comes as European policymakers debate the future role of private digital money alongside initiatives such as the digital euro. While the press release makes no reference to central bank digital currencies, it underscores a parallel trend: large financial firms are already integrating stablecoins into core financial operations where regulation allows.
For banks and regulators, the announcement raises familiar questions around oversight, liquidity risk, and the interaction between traditional funding markets and tokenized finance. Klarna itself acknowledged these uncertainties in its forward-looking statements, citing regulatory compliance, funding availability, and market conditions as key risk factors.
What is clear is that stablecoins are moving beyond niche crypto use cases. With Klarna’s entry, they are increasingly being tested as part of mainstream European fintech funding strategies, a development likely to draw close attention from both markets and policymakers.