Coinbase Teams with Moov to Bring Stablecoins to Community Banks

Coinbase has partnered with Moov to bring stablecoins into community banks and credit unions. The partnership aims to give financial institutions access to stablecoin payment capabilities, allowing them to offer these services without requiring businesses to leave their primary institution.

The partnership comes ahead of a Senate vote on the Clarity Act, which would establish a broad regulatory framework for cryptocurrencies and other digital assets. Community banks have been among the most vocal opponents of parts of the crypto industry's policy agenda, citing concerns about interest-like rewards offered by exchanges that could encourage customers to shift deposits away from traditional institutions.

Moov already serves over 1,000 community banks and credit unions across the US, connecting them to services including card acquiring and issuing and real-time payment rails. The Coinbase-Moov partnership aims to allow businesses to accept stablecoins as a payment method without having to turn to outside providers.