On September 15, local time, Nasdaq Verafin and Stablecore announced a partnership to detect financial crime by examining bank transactions and digital asset transactions together. Verafin helps financial institutions detect fraud and money laundering, while Stablecore connects stablecoins, tokenized deposits, and other digital assets to the existing systems of banks and credit unions. The companies explained that financial institutions may miss suspicious flows of funds between fiat currencies and digital assets if they lack sufficient visibility into blockchain transactions. Stablecore provides information on digital asset holdings and transactions, while banks supply the necessary data from their core banking systems, which manage customer and account information. Verafin combines information from both systems into a single record for each customer for use in investigations and risk assessments. According to the announcement, Stablecore itself does not hold personally identifiable information. The service is currently being piloted at selected institutions, including Amarillo National Bank. The companies plan to expand the service to their joint customers between the fourth quarter of 2026 and the first quarter of 2027. They said a feature that checks in real time whether the recipient of a digital asset transfer is subject to sanctions will be added after the initial integration.
Nasdaq Verafin and Stablecore Combine Monitoring of Bank Transactions and Crypto Asset Flows in Pilot at Selected Institutions
Metanomia View
Bringing stablecoins into banking requires more than the ability to transfer money. It also requires a system that can put those transactions in the context of existing customer information. When bank customers move money between deposits and digital assets, examining both sets of records together may help identify flows of funds that could easily be missed when each is examined on its own.