Citigroup Partners with Coinbase on Stablecoin Payments

Citigroup's institutional clients can now accept stablecoin payments through Coinbase's infrastructure.

The service, offered through Spring by Citi, converts tokens into fiat currency and settles funds as the bank of record.

Coinbase has also chosen Citigroup's Virtual Account Wallet to power its own Virtual Accounts, which provide bank-account-like functionality for payments customers.

The services will launch first in the U.S. and are expected to expand with more capabilities in the coming months.