Citigroup Expands Coinbase Partnership on Stablecoin Payments

Citigroup (C) stock fell by 1.36% to $132.46 after expanding its partnership with Coinbase around stablecoin payments.

The collaboration connects traditional banking services with blockchain-based payment infrastructure, reducing the need for companies to build separate digital asset infrastructure.

Citi will provide the banking infrastructure, while Coinbase supplies digital asset payment technology through its Virtual Accounts service.

Citigroup's Spring platform will also enable institutional clients to accept stablecoin payments, which can be converted into fiat currency before Citi settles merchant funds.