Coinbase, Moov to provide stablecoin infrastructure for US community banks

The partnership will provide stablecoin acceptance, settlement and real-time funding capabilities to over 1,000 community banks and credit unions.

Cryptocurrency exchange Coinbase partnered with financial platform Moov to bring stablecoin infrastructure to more than 1,000 community banks and credit unions that are part of Moov’s customer base.

The partnership will combine Coinbase’s regulated digital asset infrastructure and Moov’s payments platform to offer stablecoin payment acceptance, settlement and real-time funding, according to a Thursday announcement.

The infrastructure will support use cases such as consumer stablecoin payments, merchant settlement and payouts. It will also offer businesses and merchants access to Coinbase custodial accounts.

Community banks in the US typically have less than $10 billion in total assets and include state chartered institutions as well as savings and loan holding companies.

The announcement comes as some of the largest US banks are experimenting with stablecoin infrastructure. On Wednesday, U.S. Bank, the fifth-largest commercial bank in the US, completed a live cross-border payment using its proprietary USBDC stablecoin on the Stellar blockchain.