On Thursday (10), Coinbase and the payments platform Moov announced a partnership to integrate stablecoin payments into the infrastructure used by more than 1,000 community banks and credit unions in the United States. The initiative will make it possible to offer acceptance, settlement, and real-time funding without these institutions having to build their own structure for digital assets.
The integration will be done directly on Moov's payments platform, which already connects financial institutions to card issuance and processing services and to real-time payment systems. Coinbase will be responsible for the digital asset infrastructure, while Moov will handle the connection to the banking systems already used by the institutions.
To do this, Moov will use wallet accounts with custody provided by the Coinbase Developer Platform to store the funds and the company's Payments API to coordinate the movement of stablecoins. The model spares banks and credit unions from having to separately develop and operate a new technology layer focused on crypto assets.
The infrastructure should serve consumer payments, merchant acceptance, sales settlement, and payments to customers or businesses. In business operations, Moov will also use custody accounts maintained by Coinbase.
Wade Arnold, co-founder and CEO of Moov, said that business customers of community institutions already receive requests to accept stablecoins but currently have to turn to external providers. According to the executive, the integration seeks to allow these services to be offered by the financial institution itself and also to enable transactions that do not depend on weekends or holidays.
The partnership puts community banks and credit unions inside a stablecoin infrastructure without requiring them to become crypto asset operators. Coinbase and Moov said that acceptance, settlement, and real-time funding will be the starting point and that other integrations with these institutions' financial products may be explored later.
