Coinbase and Citi Team Up to Streamline Fiat-Stablecoin Payments

Coinbase has expanded its payments infrastructure through a deepened collaboration with Citi. The partnership allows businesses to easily move between fiat and stablecoins, eliminating the need to stitch together separate banking and digital asset systems.

Coinbase chose Citi's Virtual Account Wallet to power Coinbase Virtual Accounts, which give customers bank-account-like functionality. Incoming fiat is automatically converted into stablecoins, giving businesses a direct path between traditional finance and digital assets.

The collaboration also extends Coinbase's payments infrastructure to Spring by Citi, allowing Citi's institutional clients to accept stablecoin payments without holding or managing stablecoins directly. This means merchants can receive fiat settlement while their customers pay in the currency of their choice.