On September 10, local time, Coinbase announced a partnership with payments infrastructure company Moov to enable U.S. community banks and credit unions to offer stablecoin payments, settlement, and asset custody within their existing systems. Moov provides financial institutions with infrastructure for merchant card payment processing, card issuing, and connections to real-time payment networks. Its existing financial institution customers number more than 1,000 across the United States. The partnership will integrate custodial wallet accounts and payment application programming interfaces (APIs) from the Coinbase Developer Platform (CDP) into Moov's existing payments platform. Coinbase will provide the regulated digital asset infrastructure required for asset custody and stablecoin transfers, while Moov will connect it to the payment systems that financial institutions and their customers already use. The proposed use cases include consumer stablecoin payments, merchant payment acceptance and settlement, and disbursements to businesses and merchants.
Coinbase said local financial institutions can add these capabilities to their existing services without building a separate crypto technology stack from scratch. Moov co-founder and CEO Wade Arnold explained the background to the partnership: business customers of local financial institutions are being asked to accept stablecoin payments, but currently have to use services outside their primary financial institution to do so. Arnold identified uninterrupted real-time money movement, including on weekends and holidays, as the next step. The announcement did not specify when services would begin at individual financial institutions or identify institutions that had actually adopted them.