Citi and Coinbase Deepen Partnership for Stablecoin Payments

Banking giant Citigroup has deepened its collaboration with Coinbase as part of its broader crypto push. The partnership will see Citi use Coinbase's infrastructure to accept stablecoin payments from corporate clients, expanding on their existing digital-asset payments capabilities.

The news marks a significant step forward for Citi's cryptocurrency ambitions, which were outlined in four major pillars: expanding Citi Token Services, improving interoperability, developing crypto custody and tokenization services, and providing banking infrastructure to virtual-asset service providers.

Citi has been actively building out its digital-asset business, including the launch of its Custody+ platform and plans to offer custody for native digital assets, starting with Bitcoin. The bank has also moved into tokenized securities, launching Digital Depositary Receipts representing shares in private companies.