Coinbase Links Stablecoins to Community Banks
Coinbase and Moov have partnered to connect stablecoin infrastructure across over 1,000 community banks and credit unions. This integration will allow small financial institutions to offer stablecoin services without developing and operating separate digital asset systems.
The partnership uses Coinbase's Developer Platform, including Custodial Wallet accounts to hold funds and its Payments API to manage stablecoin movement. This supports various payment functions such as consumer payments, merchant acceptance, settlement, payouts, and real-time funding.
Moov co-founder and CEO Wade Arnold stated that business customers of community institutions are already being asked to accept stablecoins, but this partnership will enable them to do so through their primary financial institution. Arnold emphasized the importance of merchants needing acceptance and disbursement capabilities now, with bigger opportunities for institutions in funding services.