Citi Partners With Coinbase for Stablecoin Payment Acceptance

Citigroup Inc., one of the largest banks in the world, has partnered with Coinbase Global Inc. to allow its institutional clients to accept stablecoin payments.

The move is part of a growing trend among large financial institutions to involve themselves more deeply in digital currencies.

Merchants using Spring by Citi will be able to take stablecoins at checkout through an integration with Coinbase Payments, which will automatically convert the tokens into fiat currency.

Citigroup will settle the funds as the bank of record, meaning merchants won't have to hold or manage crypto themselves.