Key facts
- Coinbase and Moov will provide stablecoin infrastructure to over 1,000 US community banks and credit unions.
- The partnership aims to enable stablecoin payment acceptance, settlement, and real-time funding.
Coinbase and Moov have partnered to provide stablecoin payment acceptance, settlement, and real-time funding capabilities to over 1,000 US community banks and credit unions. The collaboration aims to integrate digital asset infrastructure with traditional banking services, enabling use cases like consumer payments and merchant settlements.
The partnership between Coinbase and Moov signals a growing trend of traditional financial institutions adopting stablecoin technology, potentially increasing the utility and accessibility of digital assets for everyday banking and commerce.
Cryptocurrency exchange Coinbase has partnered with financial platform Moov to integrate stablecoin infrastructure into over 1,000 US community banks and credit unions. The collaboration, announced on Thursday, aims to provide these institutions with the ability to accept, settle, and fund transactions using stablecoins.
The partnership will leverage Coinbase's regulated digital asset infrastructure alongside Moov's payments platform. This integration is designed to support various use cases, including consumer stablecoin payments, merchant settlements, and payouts, while also offering businesses and merchants access to Coinbase custodial accounts.
Community banks in the US are generally defined as institutions with less than $10 billion in total assets. This development occurs as larger US banks also explore stablecoin technology. On Wednesday, U.S. Bank, the fifth-largest commercial bank, conducted a cross-border payment using its proprietary USBDC stablecoin on the Stellar blockchain. Earlier in September, 21 financial institutions, including Bank of America and Goldman Sachs, announced plans to form a company to issue stablecoins, targeting a US dollar-denominated stablecoin by the first half of 2027. In August, Western Union collaborated with Rain to introduce a digital wallet and Visa-branded card for spending US dollar-backed stablecoins.