Citi, Coinbase Automate Stablecoin-to-Fiat Conversion for US Institutions

Citigroup and Coinbase have collaborated to launch an automated service that converts stablecoins such as USDC into dollars for institutional clients in the United States. This partnership allows Citi clients to receive stablecoin payments without ever holding the token, with Coinbase converting it into dollars behind the scenes.

The arrangement works both ways, enabling companies building on Coinbase to open accounts powered by Citi's banking software that can automatically convert incoming dollars into stablecoins.

This service is targeted at businesses and large organisations rather than retail users. According to Coinbase, over 150 million people worldwide hold stablecoins, a client base that banks can now invoice without joining the crypto world.