Citi and Coinbase Join Forces on Stablecoin Payments

Citigroup is partnering with Coinbase to allow merchants using Spring by Citi to accept stablecoin payments. The integration with Coinbase Payments will enable digital tokens to be automatically converted into fiat currency, with Citibank settling the funds as the bank of record.

This means merchants won't have to hold or manage cryptocurrencies themselves. The partnership is part of a growing trend among large financial institutions to become more involved in new forms of digital money.