Banks Accelerate Crypto Payments with Citi-Coinbase Stablecoin Partnership

Citi and Coinbase have expanded their partnership to enable corporate clients to accept stablecoin payments through Citi's merchant-processing services. This move is part of a broader effort by banks to bring crypto payments into mainstream commerce.

The new service allows Citi's institutional customers, including large multinational companies, to take stablecoin payments from customers without having to build their own cryptocurrency stack. Coinbase will supply the digital rails that move and convert the tokens, while Citi will process the merchant payment and settle the funds.

This partnership is a significant development in the crypto industry, as it separates crypto rails from banking and shows the trend of collaborative infrastructure over full-stack solutions. The service is currently available to Citi's clients in Japan, UAE, and the US, with plans for expansion to other jurisdictions.