Coinbase is entering into a strategic partnership with financial services provider Moov to expand access to stablecoin services, including acceptance, settlement, and real-time funding, for community banks and credit unions. The collaboration was announced exclusively to CNBC days before a pivotal preliminary vote on the Senate floor regarding the Clarity Act.
The Clarity Act, which has faced significant delays in the Senate, aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets. While the crypto industry has strongly advocated for its passage, the legislation has encountered resistance from banking groups. Opponents argue that interest-like rewards associated with crypto exchanges could trigger deposit flight from smaller financial institutions.
Under the terms of the agreement, Coinbase will supply the necessary digital asset infrastructure, while Moov will integrate these capabilities with its existing payment systems used by financial institutions and their customers. Moov currently serves more than 1,000 community banks and credit unions across the United States, providing them with card acquiring, issuing, and real-time payment rails.
“Community banks and credit unions have witnessed their customers use digital assets for years,” said Ryan VanGrack, vice chair and head of corporate affairs at Coinbase. “Through our partnership with Moov, Coinbase is delivering the regulated infrastructure they need to offer these services directly — embedded right into their existing systems.”
This move is seen as an effort to bridge the gap between the crypto sector and community banks ahead of next week’s key Senate vote.
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