Citi and Coinbase Deepen Stablecoin Partnership for Corporate Payments

Citi and Coinbase have deepened their partnership in corporate payments and stablecoins. As part of this expanded collaboration, Coinbase has chosen Citi's Virtual Account Wallet technology for its Coinbase Virtual Accounts system. This allows clients to receive traditional funds into virtual accounts that are automatically converted into stablecoins.

Additionally, Coinbase's payment infrastructure is being integrated with Citi's corporate service, Spring by Citi. This enables Citi's institutional clients to accept payments in stablecoins using Coinbase's infrastructure for processing digital assets and Citi's banking infrastructure for traditional settlements.

This partnership marks a further convergence of traditional banking payments and public blockchain infrastructure. For businesses, this model allows them to use stablecoins as a payment instrument without building their own infrastructure for storage, conversion, and interaction between bank accounts and the blockchain.