Coinbase Powers Citi Stablecoin Payment Rails
Citi's institutional clients can now accept stablecoin payments through Spring by Citi using Coinbase's payments infrastructure, according to an announcement from Coinbase on September 28. This marks a significant upgrade for stablecoin payments and corporate banking rails in the crypto space.
The move formalizes two corporate crypto payment paths, one for receiving stablecoins and the other for moving money received in a conventional currency into them. For Citi's institutional clients, the relevant service is Spring by Citi, as Coinbase supplies the infrastructure that enables stablecoin acceptance through it.
Coinbase Virtual Accounts can automatically convert incoming fiat into stablecoins using Citi's Virtual Account Wallet. The described flow starts with a traditional currency payment and ends with stablecoins in the customer's account.