Citi Deepens Stablecoin Interoperability with Coinbase

Citi, one of the largest banks in the world, has expanded its partnership with Coinbase to improve interoperability between stablecoins and fiat payments. The move is part of Citi's larger strategy to connect digital asset infrastructure with traditional finance infrastructure.

According to Jane Fraser, CEO of Citigroup, more than 70% of clients' pain points come from the release of liquidity. To address this issue, Citi has expanded its Virtual Account product to power Coinbase's virtual accounts, giving Coinbase's customers bank-like functionality to on- and off-ramp stablecoins.

The expansion will also enable Citi's customers to accept stablecoin payments through Spring by Citi, a payment acceptance service powered by Coinbase Payments. This will make it easier for businesses that operate in the digital world to receive stablecoin payments from their clients.

Citi has also expanded its tokenized deposit service, Citi Token Services, to Japan and the UAE, bringing its total number of supported markets to seven. The expansion is expected to give clients greater optionality to move and manage liquidity across regions and currencies in real-time.