Citi, Coinbase Unveil Expanded Partnership for Corporate Stablecoin Payments

Citi and Coinbase are taking their corporate payment partnership to the next level by integrating fiat currencies and stablecoins. This expansion aims to provide a seamless experience for businesses, allowing them to use payments similar to traditional bank accounts without having to hold or manage stablecoins directly.

The partnership will allow Citi's institutional clients to receive stablecoin payments through Spring by Citi, while Coinbase will provide the stablecoin payment infrastructure. Digital assets received through this system will be automatically converted into fiat currency for settlement.

Citi and Coinbase have been working together since October last year on payment infrastructure linking fiat currencies and cryptocurrencies. The goal of this expansion is to build next-generation payment infrastructure connecting both traditional and digital payment methods, according to Debopama Sen, Citi's head of payments.