Citi and Coinbase Team Up for Stablecoin Payments

Citigroup has partnered with Coinbase to enable its corporate clients to accept stablecoin payments from customers. As part of this agreement, Coinbase will provide the blockchain rails, while Citigroup handles settlement as the bank of record.

The partnership aims to connect digital assets with the traditional dollar-based economy, according to Shahmir Khaliq, Citi's head of services.

Citigroup is also expanding its token services, which allows multinational clients to move money across its own blockchain network around the clock. This service is now live in Japan and the UAE, bringing the total to seven jurisdictions.

Following this announcement, Robert W. Baird raised its price target for Coinbase from $130 to $205, implying about 5% upside. However, analysts remain split on the stock's performance, with a consensus 'Hold' rating and an average price target of $222.47.