Coinbase and Moov to expand US banks’ access to stablecoin payments
In the United States, cryptocurrency platform Coinbase has entered into a partnership with financial services provider Moov to give local banks and credit unions tools for working with stablecoins. This includes accepting such assets, settlements and real-time funding, CNBC reports.
Infrastructure for banks
Under the agreement, Coinbase will provide digital asset infrastructure, while Moov will connect it to its own payment systems already used by financial institutions and their clients. This is intended to give local banks access to stablecoin functions and payment networks within their existing systems.
According to the partnership announcement, Moov serves more than 1,000 local banks and credit unions in the United States. The company connects them to payment card acquiring and issuance, as well as real-time payment systems.
Coinbase Vice President and Head of Corporate Affairs Ryan VanGrack said that customers of local banks and credit unions have been using digital assets for years. According to him, the partnership is intended to provide institutions with regulated infrastructure to offer such services directly within their systems.
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Vote on the Clarity Act
The agreement was announced several days before a preliminary vote in the US Senate on advancing the Clarity Act bill. The document, which had remained stalled in the Senate for several months, is intended to create a regulatory framework for cryptocurrencies and other types of digital assets.
Further advancement of the bill requires at least 60 votes in the Senate, but it is currently unknown whether it has sufficient support. Democrats have voiced concerns over ethics provisions that, in their view, do not sufficiently prevent officials from profiting from crypto assets. Some Republicans are also concerned about the document’s potential impact on local banks.
Banks oppose interest-like rewards offered by crypto exchanges, believing that they could cause deposits to flow out of local banks and credit unions. The preliminary vote on the Clarity Act is scheduled for next Tuesday.
