Citi and Coinbase Expand Partnership for Stablecoin Payments

Banking giant Citi and cryptocurrency exchange Coinbase have expanded their partnership to enable stablecoin payments for Citi's business clients. The move will allow Citi clients to receive payment in lawfully recognized currencies.

The integration combines Citi's payment acceptance platform, Spring by Citi, with Coinbase's infrastructure for stablecoins. This will automatically convert stablecoins into lawfully recognized currencies and handle fund settlement.

This development eliminates the need for businesses to hold or manage stablecoins directly. Instead, they can accept payments in stablecoins without having to deal with the underlying digital assets.