Citi and Coinbase Deepen Partnership for Stablecoin Payments

Citigroup and Coinbase have deepened their partnership to enable institutional clients of Citi's Spring payment platform to accept stablecoin payments, a move that brings digital-asset settlement closer to conventional corporate banking.

The arrangement allows merchants using Citi's platform to accept stablecoins at checkout through Coinbase's payment infrastructure. Coinbase will convert the digital assets into fiat while Citi settles the funds as the bank of record.

This partnership also works in the opposite direction, allowing Coinbase business customers to receive, hold, and pay in fiat, with incoming funds automatically converted into stablecoins using Citi's Virtual Account Wallet.