Citi Partners with Coinbase on Stablecoin Payments

Citigroup and Coinbase Global have partnered to enable institutional clients of the bank to accept stablecoin payments. This collaboration marks another significant step in large financial institutions' involvement with digital money.

The partnership will allow Citigroup's customers to receive payments in stablecoins, which are cryptocurrencies pegged to the value of a traditional currency like the US dollar. This move is seen as an attempt by major financial players to tap into the growing demand for digital assets.

Citigroup and Coinbase have been expanding their services in the crypto space in recent years. The bank has also been working with other companies, such as Bakkt, to develop a platform for institutional investors to trade cryptocurrencies.