Citi Partners with Coinbase on Stablecoin Payments for Institutional Clients

Citigroup (NYSE:C) has partnered with Coinbase Global Inc. (NASDAQ:COIN) to enable stablecoin payments for large institutional clients, a move that further cements Citi's commitment to digital assets.

The partnership will connect Citi's merchant-processing and banking infrastructure with Coinbase's blockchain payment rails, allowing businesses to accept stablecoins from customers and convert them into traditional currencies.

Citigroup's Head of Services Shahmir Khaliq told The Wall Street Journal that this move is a key part of the bank's strategy to expand its blockchain capabilities. 'This is really part and parcel of completing that jigsaw puzzle,' he said.