Citi Challenges Ripple in Stablecoin Market with New Partnership
Citi has entered the $300 billion stablecoin market, challenging Ripple's RLUSD. The bank has partnered with Coinbase to expand stablecoin payments for businesses.
Total stablecoin capitalization climbed to about $311 billion in August, according to CoinDesk Research. Citi's new infrastructure connects ordinary corporate bank accounts with blockchain-based money more directly. Companies can receive fiat through Citi-powered accounts and convert it into stablecoins without building separate banking and crypto systems themselves.
Ripple has been expanding beyond its original XRP-based cross-border payments business. Its strategy now includes RLUSD, custody, treasury services, and other infrastructure aimed at institutional finance. Ripple's RLUSD is already near $2.4 billion in circulation earlier this month.