Crypto Market Update: Coinbase Partners with Moov on Stablecoins

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• Ethereum (ETH) was priced at US$2,523.21, trading 1 percent higher over the last 24 hours.

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Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Coinbase to bring stablecoin payments to community banks
• Canada clarifies legal coverage on tokenized bank deposits

Coinbase to bring stablecoin payments to community banks

Coinbase Global (NASDAQ:COIN) announced a partnership with payments infrastructure provider Moov to deliver stablecoin acceptance, settlement and real-time funding to over 1,000 community banks and credit unions.

The integration will embed Coinbase's stablecoin technology directly into Moov's existing payments platform, saving financial institutions from building separate crypto technology stacks.

The combined infrastructure will support consumer stablecoin payments, merchant acceptance, merchant settlement and payouts using Coinbase's regulated custodial accounts and payments API.

Moov CEO Wade Arnold noted that business customers are already asking for stablecoin acceptance capabilities, and this integration ensures their primary financial institution can fulfill that demand.

"Merchants need acceptance and disbursement now," he said.

"What comes next is bigger: funding that doesn't stop for weekends or holidays, because the rail doesn't close. Institutions that add this now will be positioned for both," the executive added.

Coinbase Vice Chair Ryan VanGrack emphasized that the partnership provides local banks the tools to compete with large players, while preserving the customer relationships they have spent decades building.

Canada clarifies legal coverage on tokenized bank deposits

Canada's Office of the Superintendent of Financial Institutions (OSFI) clarified that tokenized bank deposits are legally equivalent to traditional bank deposits under existing regulations.

"The underlying technology of a financial product or service does not determine its legal nature. To be clear, we focus on what the product or service is, not how it is built or delivered. Tokenized deposits are, for example, not legally distinct from traditional deposits," the OSFI clarified in a September 10 statement.

The federal banking regulator confirmed it will take a technology-neutral approach, meaning the use of blockchain infrastructure does not create a new legal category of financial products.

Federally regulated banks can now develop tokenized deposits within the existing banking framework rather than waiting for a specialized crypto rulebook. The regulatory clarification distinguishes tokenized bank deposits, which represent a direct claim on a regulated financial institution, from non-bank stablecoins.

While the guidance removes significant legal ambiguity, OSFI stressed that banks remain fully subject to existing capital, cybersecurity, technology and supervisory requirements when deploying blockchain products.