Citi, Coinbase Deepen Partnership with Stablecoin Payment Integration

Citi's institutional clients can now accept stablecoin payments through Spring by Citi, thanks to a new integration with Coinbase. This allows businesses to let customers pay in stablecoins without ever holding the tokens themselves.

Coinbase converts incoming stablecoins into fiat currency and Citi settles the funds as the bank of record. This partnership builds on a deal announced last October between the two companies, which aimed to smooth crypto on- and off-ramps for Citi's institutional clients.

The integration also allows Coinbase to use Citi's Virtual Account Wallet to power its own Virtual Accounts. These accounts enable businesses to accept, hold, and send money much like a traditional bank account, with incoming fiat automatically converted into stablecoins.