Coinbase Teams Up with Moov to Bring Stablecoins to Community Banks
Coinbase, one of the world's largest cryptocurrency exchanges, has partnered with Moov to bring stablecoin payments and settlements to more than 1,000 U.S. community banks and credit unions.
The partnership will enable those financial institutions to accept stablecoins without building their own blockchains, making it easier for them to offer faster, cheaper money transfers to their customers.
Coinbase generates nearly a quarter of its revenue from stablecoin reserves, which are backed by cash and Treasury reserves held at banks and other financial institutions.
The partnership could strengthen Coinbase's case for stablecoins in the upcoming vote on the CLARITY Act, which aims to establish a clear federal framework for regulating digital assets.