Citi Bolsters Coinbase with Stablecoin Payment Expansion

Citibank has expanded its partnership with Coinbase, introducing two stablecoin payment products that give customers bank-account-like functionality. These new products allow for virtual accounts and automatic conversion of incoming fiat to stablecoins.

The Citi Spring platform will also enable institutional merchants to accept stablecoin payments, while Coinbase handles the digital-asset infrastructure and Citi settles the funds.

This initiative is initially launching in the United States and has the potential to serve over 150 million stablecoin holders globally. This could provide Coinbase with a new payment channel that's less dependent on retail trading activity.