Coinbase and Moov partner to boost stablecoin payments for community banks ahead of CLARITY vote
Cryptocurrency platform has partnered with fintech firm Moov to boost stablecoin capabilities for community banks ahead of the US Senate votes on the CLARITY Act.
Coinbase has partnered with fintech firm Moov to enhance stablecoin capabilities for community banks. The partnership aims to integrate stablecoin payments infrastructure into Moov's platform, allowing community banks to offer these services directly to their customers. This will enable banks to provide acceptance, settlement, and real-time funding without needing to create a separate crypto technology stack.
According to PYMNTS, the partnership will support consumer stablecoin payments, merchant acceptance, merchant settlement, and payouts. For business and merchant-related payments, Moov will employ Coinbase's fully disclosed custodial accounts. The integration is designed to meet community banks where they are, providing them with the tools to compete with larger players while preserving their role as trusted pillars of their communities.
The partnership comes ahead of the US Senate's vote on the CLARITY Act, with Finextra noting that it aims to boost stablecoin capabilities for community banks. Ryan VanGrack, vice chair and head of corporate affairs at Coinbase, stated that community banks and credit unions have seen their customers use digital assets for years, and this partnership will deliver the regulated infrastructure they need to offer these services directly.
Brief written by urgent.news from Finextra, PYMNTS — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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