Coinbase and financial services provider Moov are teaming up to bring stablecoin payments and settlement capabilities to community banks and credit unions, potentially giving financial institutions a new way to participate in the growing digital asset market.
The platform combines Coinbase’s digital asset infrastructure with Moov’s payment systems, which are already used by financial institutions and their customers. The offering will provide access to stablecoin acceptance, settlement, and real-time funding through existing payment networks.
The setup would support a range of transactions, including consumer stablecoin payments, as well as merchant settlement and payouts. Businesses and merchants would also have access to Coinbase custodial accounts, giving institutions a way to manage stablecoin holdings and transaction flows without having to develop additional operational controls.
The timing is notable. The announcement comes shortly before a key vote on the Clarity Act, which would set ground rules for much of the U.S. cryptocurrency industry and has faced opposition from many banks.
A Turnkey Solution
For community banks and credit unions, the appeal is relatively straightforward: stablecoin capabilities could be added through established infrastructure layers rather than built in-house.
There are already white-labeled stablecoin offerings available to smaller FIs, including one issued by SoFi. But the Coinbase and Moov arrangement goes a step further by tying stablecoin functionality into existing payment infrastructure, and in turn making it a more turnkey option for financial institutions.
Moov already works with more than 1,000 local banks and credit unions in the United States, providing payment card acquiring and issuance, as well as real-time payment systems. The company specializes in white-label solutions, including Tap to Local, which allows smaller banks to offer tap-to-pay functionality within business accounts and compete more effectively in the payments space.
Support for the Clarity Act
Coinbase and other crypto companies have pushed for the Senate to pass the Clarity Act, which is expected to come up for a vote on next week. As mentioned, the legislation has been opposed by several banking organizations, which have warned that it could put a significant portion of community banks’ and credit unions’ deposits at risk.
The Independent Community Bankers of America, for example, has pointed specifically to concerns over stablecoin yields in its opposition to the legislation Act.
