Coinbase and Citi Partner to Bring Stablecoin Payments to Institutional Clients

Coinbase Global Inc. (NASDAQ:COIN) has come a long way since its launch in 2012, according to CEO Brian Armstrong. He credits Citigroup Inc. (NYSE: C) for partnering with Coinbase to enable stablecoin payments for large institutional clients.

Armstrong recalled that securing bank partnerships back then was 'nearly impossible.' However, major players like Citi are now using Coinbase's services to bring stablecoins to institutions.

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

The arrangement also allows Coinbase customers to use Citi's banking capabilities while automatically converting incoming cash into stablecoins.