Citi Partners with Coinbase on Stablecoin Payments

Citigroup Inc., also known as C, is partnering with Coinbase Global Inc. to enable stablecoin payments for its large institutional clients.

This move comes after the CLARITY Act failed to advance in the Senate.

The partnership will connect Citi's merchant-processing and banking infrastructure with Coinbase's blockchain payment rails.

This will allow businesses to accept stablecoins from customers and convert them into traditional currencies.

Citigroup's institutional clients, including multinational corporations, will be able to accept stablecoin payments from customers at checkout through the bank's merchant-processing services.