Coinbase targets 1,000 banks with Moov stablecoin deal

Coinbase has partnered with Moov to connect more than 1,000 U.S. community banks and credit unions with stablecoin payments, custody, merchant settlement and real-time funding. Summary Coinbase and Moov will offer stablecoin acceptance, settlement and real-time funding through existing banking systems. Moov serves more than 1,000 community banks and credit unions across the United States today. Coinbase will provide custodial wallets and payment APIs while Moov handles institutional integrations directly nationwide. Supported uses include consumer payments, merchant acceptance, settlements, payouts and continuous business funding services nationwide. Federal Reserve supervision covers qualifying state member institutions holding less than $10B in assets generally. Coinbase’s Sept. 10 announcement said Moov will integrate its stablecoin infrastructure into the payment systems already offered to financial institutions. The companies did not give a commercial launch date or identify the first participating banks. Moov provides card acquiring, card issuing and real-time payment connections to its institutional customers. Through the partnership, banks will be able to offer stablecoin s...