Coinbase Teams with Moov to Bring Stablecoin Capabilities to Community Banks

Coinbase has partnered with financial services provider Moov to increase access to stablecoin capabilities for community banks and credit unions. The partnership comes just days before a crucial preliminary vote on the Clarity Act, a bill that would set up a regulatory framework for cryptocurrencies in the U.S. Senate.

The Clarity Act has been met with opposition from some banks, which are concerned about interest-like rewards offered on crypto exchanges and potential deposit flight from community banks and credit unions.

Under the agreement, Coinbase will provide digital asset infrastructure while Moov will connect that infrastructure to its payment systems used by financial institutions and their customers. This will deliver stablecoin capabilities and payment rails to community banks, allowing them to offer these services directly to their customers.

Coinbase's Vice Chair and Head of Corporate Affairs, Ryan VanGrack, stated, 'Community banks and credit unions have witnessed their customers use digital assets for years.' Moov's Co-Founder and CEO, Wade Arnold, added that business customers are already being asked to accept stablecoins, but through this partnership, the answer will come from their primary financial institution instead.