Coinbase Taps Citi's Virtual Account Wallet for Stablecoin Acceptance

Coinbase has partnered with Citi to expand its payments infrastructure for businesses. The two companies have deepened their collaboration, with Coinbase selecting Citi's Virtual Account Wallet to power its own virtual accounts.

These accounts automatically convert incoming fiat into stablecoins and provide bank-account-like functionality for payments customers. The underlying accounts are provided in partnership with Citi, which has the regulated banking infrastructure necessary to operate at scale and connect to the global financial system.

The second leg of the collaboration enables Citi's institutional clients to accept stablecoin payments through Spring by Citi. Coinbase's infrastructure automatically converts digital currencies into fiat, and Citi settles the funds as the bank of record.