Coinbax Launches Coinbax Deposits, Letting Banks and Credit Unions Accept Stablecoin Deposits
The product converts USDC into dollars on the institution's own balance sheet, runs alongside existing core, treasury,
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NATIONAL HARBOR, Md., Sept. 09, 2026 (GLOBE NEWSWIRE) — Coinbax, which makes controls for modern payments, today announced Coinbax Deposits at Stablecon USA. The product lets banks and credit unions accept stablecoin deposits and convert them into dollars on the institution’s own balance sheet.
Stablecoins in circulation total roughly $300 billion, and accountholders already have reasons to deposit them: moving funds off an exchange, funding a new account, or funding a loan. Today, when an accountholder asks to deposit $100,000 in USDC, most banks and credit unions have to say no, and the money lands somewhere else.
With Coinbax Deposits, a customer sends USDC and the accountholder receives dollars in their account. Funds convert on arrival into deposits on the institution’s balance sheet. The institution never holds stablecoins, and there is no custody program or wallet infrastructure to stand up. Every transaction is checked before it settles, including sanctions screening, and every check is recorded. Coinbax Deposits runs alongside the institution’s existing core, treasury, and digital banking systems, and it supports outbound stablecoin sends as well, so institutions can move money in both directions on the rail.
Coinbax Deposits supports USDC, Paxos’s USDG, and other regulated payment stablecoins.
“When a customer asks to deposit $100,000 in USDC, the answer should be yes,” said Peter Glyman, founder and CEO of Coinbax. “Last week we published a playbook for how banks and credit unions adopt stablecoins. Everything starts with the crawl, and the crawl starts with accepting deposits. Coinbax Deposits turns that first step into something an institution can buy, not another pilot to run.”
The crawl-walk-run playbook is available at coinbax.com/signals/stablecoin-playbook-banks-credit-unions.
East Hartford, Conn.-based Finex Credit Union is among the first credit unions working with Coinbax to accept stablecoin deposits. “Our members most likely hold stablecoins, and that money is moving with or without us. We need to be ready to say yes when a member wants to bring it to Finex. With Coinbax, we take the deposit in dollars, on our balance sheet,” said Bill Weingartner, chief operating officer of Finex Credit Union.
The GENIUS Act, the federal framework for payment stablecoins, takes effect January 18, 2027. Coinbax Deposits deploys in about 90 days, so institutions that start in the fourth quarter of 2026 can be live when the law takes effect. The product is available today.
About Coinbax
Coinbax makes controls for modern payments. Its platform puts real-time compliance, built-in reversibility, and programmable escrow directly in the payment flow, so banks, credit unions, and other regulated institutions can adopt stablecoin rails safely. Coinbax is a certified Circle Alliance Partner and a member of Paxos’s Global Dollar Network and Jack Henry’s Fintech Integration Network. The company was founded by Peter Glyman, a co-founder of Geezeo, which served more than 700 banks and credit unions and was acquired by Jack Henry. Learn more at www.coinbax.com.
Press contact: Lacey Hall, hello@coinbax.com
