Coinbase partners with Moov to boost community bank stablecoin capabilities before Clarity vote
A bill to regulate digital assets is due for a preliminary vote in the U.S. Senate next week.
Coinbase and Moov have teamed up to offer stablecoin infrastructure to over 1,000 community banks and credit unions across the United States. Stablecoins are digital currencies designed to maintain a stable value, typically pegged to a reserve asset such as the US dollar. The partnership will integrate Coinbase's regulated digital asset infrastructure with Moov's payments platform, enabling stablecoin payment acceptance, settlement, and real-time funding.
This collaboration aims to provide businesses and merchants with access to Coinbase custodial accounts, enhancing their ability to engage in stablecoin transactions. Community banks in the US generally have total assets under $10 billion and include state-chartered institutions and savings and loan holding companies. This development comes amid growing experiments by major US banks in stablecoin infrastructure, with U.S. Bank recently completing a cross-border payment using its proprietary stablecoin on the Stellar blockchain.
Meanwhile, several prominent financial institutions have announced plans to form a company to issue a US dollar-denominated stablecoin in the first half of 2027. Meanwhile, non-bank competitors are also making inroads into the stablecoin market. In August, Western Union teamed up with stablecoin infrastructure provider Rain to launch a digital wallet and Visa-branded card that allows users to hold and spend a US dollar-backed stablecoin.
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