Coinbase brings crypto to 3,000+ American banks

Coinbase is to partner with Stablecore to offer crypto services directly through existing banking apps. Through Stablecore’s white-label infrastructure, more than 3,000 American regional banks and credit unions will gain access to regulated custody of digital assets, trading and payments via stablecoins. It is one of the more significant steps towards integrating crypto into the traditional banking sector.

In brief:

• Coinbase and Stablecore are working together to integrate crypto services into more than 3,000 US banks and credit unions.
• Stablecore provides the white-label infrastructure that connects to existing banking systems, while Coinbase provides the regulated crypto infrastructure.
• Customers will soon be able to store crypto, trade it and pay with stablecoins via their own banking app.

Crypto through customers’ own banking apps

Coinbase announced the partnership via X and says that crypto and stablecoins will soon be available through local banks’ apps.

Stablecore has a white-label platform that is built into the core and digital banking systems of more than 3,000 American institutions. On top of that, Coinbase supplies the regulated infrastructure for the custody and trading of digital assets. Together, the two parties want to make it easy for smaller banks and credit unions to offer crypto services without having to build new technical systems themselves.

Traditional banks enter crypto

The partnership fits into a broader trend in which established financial institutions are increasingly embracing crypto. For example, Deutsche Bank previously launched a custody service for Bitcoin and Ether. With this partnership, Coinbase and Stablecore are focusing specifically on the large group of regional and local banks in the United States that have so far not offered crypto services.

Because Stablecore is already deeply integrated into these institutions’ existing systems, banks can in principle activate the new services without major technical changes. Customers do not need to go to a separate crypto exchange for this, but can trade, store and pay within their familiar environment.

Stablecoins central as a payment method

In addition to custody and trading, the integration of stablecoin payments plays a notable role in this partnership. Stablecoins are digital currencies whose value is pegged to, for example, the US dollar, and they are increasingly seen as a usable alternative to traditional transfers.

Coinbase has not yet explained whether and when the services will actually become available to customers of the participating banks.