Citi & Coinbase Launch Stablecoin Payments Without Crypto Holdings

Citi and Coinbase have expanded their cooperation by integrating Coinbase's payment infrastructure into Citi's merchant payments platform, Spring by Citi. This allows companies that do business with Citi to accept customers' stablecoin payments at checkout.

Coinbase converts customers' stablecoins into fiat currency, and Citi settles the funds as the account management bank. The structure means companies do not need to directly hold or manage stablecoins.

The two functions will launch first in the United States, with additional features planned for introduction in the coming months. Coinbase presented over 150 million stablecoin holders worldwide as potential users.