Coinbase, Moov to Offer Stablecoin Payment Infrastructure to More Than 1,000 US Regional Banks

Coinbase is partnering with payments infrastructure firm Moov to provide stablecoin infrastructure to US regional banks and other financial institutions.

Coinbase said on Sept. 10 that it had entered into a partnership to integrate its stablecoin infrastructure into Moov’s payments platform. Moov serves more than 1,000 US regional banks and credit unions, providing card payment services and connections to real-time payment networks.

Under the partnership, Coinbase will provide regulated digital-asset infrastructure and Moov will connect it to financial institutions’ existing payment systems. Moov plans to hold funds in custodial wallet accounts on Coinbase Developer Platform, or CDP, and use payment APIs to handle stablecoin transfers and settlement.

The partnership will allow Moov clients to add stablecoin payment capabilities without overhauling existing banking systems or building separate crypto technology stacks. Planned features include consumer stablecoin payments, merchant acceptance, merchant settlement and fund disbursements.

The companies also plan to explore ways to connect stablecoins with other financial products offered by regional financial institutions. The aim is to help regional banks and credit unions participate in digital-asset-based financial markets while keeping their existing systems in place.

Ryan VanGrack, a vice president at Coinbase, said customers of regional banks and credit unions have already been using digital assets for years. Through the partnership, Coinbase will provide infrastructure that allows financial institutions to offer related services through their existing systems, he added.