Coinbase teams with Moov to connect community banks to stablecoins

Coinbase has teamed up with Moov to give more than 1,000 community banks and credit unions access to stablecoin payment acceptance, settlement and real-time funding, the company said Thursday.

The partnership is aimed at helping traditional financial institutions offer stablecoin services through their existing payment systems. It comes as Coinbase and other crypto industry participants push for the Senate to advance the CLARITY Act, which would establish a regulatory framework for crypto and other digital assets.

Under the arrangement, Moov will integrate Coinbase’s stablecoin payments infrastructure into its platform. The integration allows financial institutions to add stablecoin services without developing a separate crypto technology stack.

Moov will use Coinbase’s CDP Custodial Wallet accounts for custody and its Payments API to orchestrate stablecoin transfers. The infrastructure will support consumer payments, merchant acceptance, settlement and payouts, with fully disclosed custodial accounts also available for business and merchant-related payments.

Coinbase and Moov said the partnership could help community institutions respond to customers and businesses already using or seeking stablecoin payment options.

Rather than requiring banks and credit unions to operate their own crypto infrastructure, the model connects stablecoin capabilities to the payment systems they already use while allowing them to maintain their customer relationships.