Citi, Coinbase Unite Stablecoin Payments with Fiat Banking
Citi and Coinbase are expanding their partnership to make it easier for businesses to move between traditional bank money and stablecoins.
The two companies have launched two new products that connect fiat banking to stablecoin payments, allowing merchants to accept stablecoin payments at checkout without having to manage digital assets themselves.
Citi's Virtual Account Wallet is being used by Coinbase's Virtual Accounts, which provide bank-account-like features for customers who receive incoming fiat that is automatically converted into stablecoins.
Spring by Citi, another product, lets institutional clients accept stablecoin payments at checkout through Coinbase Payments, with automatic conversion to fiat and Citi settling as the bank of record.