Citi and Coinbase Launch Stablecoin Payment Infrastructure for Businesses

Citi and Coinbase expanded their partnership on September 28, enabling Citi's institutional clients to accept stablecoin payments while providing Coinbase business customers access to Citi-powered virtual accounts. This infrastructure allows merchants to receive stablecoin payments without managing wallets or holding crypto, as Coinbase converts the digital assets into fiat currency, with Citi settling the funds. Additionally, Coinbase is utilizing Citi's Virtual Account Wallet to create accounts that automatically convert incoming fiat into stablecoins. This model integrates stablecoins into existing banking systems, allowing businesses to leverage both traditional and blockchain payment methods. Citi's involvement ensures compliance and cash management, while Coinbase handles blockchain settlement and conversion. This partnership signifies a shift in stablecoin adoption, moving from outside banks to being integrated within corporate banking services.

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