Citi and Coinbase Unite for Stablecoin Payments in Corporate Banking
Citi and Coinbase have expanded their partnership to integrate stablecoin payments into corporate banking infrastructure. The new system allows Citi's institutional clients to accept stablecoin payments while giving Coinbase business customers access to bank-style virtual accounts powered by Citi.
The partnership connects corporate bank accounts with stablecoin payments in both directions, enabling merchants to receive stablecoin payments without holding them. This means a corporate merchant can receive a stablecoin payment and still have the end result be ordinary fiat currency.
Coinbase provides the blockchain infrastructure behind the transaction, converting the digital assets into traditional currency, while Citi settles the funds as the bank of record. This hybrid model is increasingly where institutional stablecoin adoption appears to be heading.