Citi and Coinbase Unveil Stablecoin Settlement Partnership

Citigroup and Coinbase have announced a partnership that will allow Citi's business clients to convert regular money into stablecoins and back again without having to build or run their own banking and crypto stacks.

The first phase of the partnership focuses on fiat on- and off-ramps, with stablecoin settlement mechanics still being worked out. The goal is to eventually reach more than 150 million holders.

Citigroup's Spring merchant platform will use Coinbase infrastructure to accept stablecoin payments at checkout, while Coinbase Virtual Accounts will offer bank-account-like features for accepting, holding and sending funds.