Citi and Coinbase Unleash Next-Gen Payments with Stablecoin Conversion

Citi and Coinbase have expanded their partnership to enable businesses in the U.S. to accept stablecoin payments without directly holding digital assets.

The two companies are rolling out new payment services through the Spring by Citi platform, which will allow corporate clients to receive stablecoins and convert them into traditional currency automatically.

Citi's Virtual Account Wallet infrastructure will also be used for Coinbase's Virtual Accounts service, enabling customers to accept, hold, and make payments in traditional currency while supporting automatic conversion of incoming funds into stablecoins.

The goal is to create a next-generation payments infrastructure that enables interoperability between traditional and digital payment instruments and networks, according to Citi Head of Payments Debopama Sen.