Citi and Coinbase Expand Partnership to Facilitate Stablecoin Payments
Citigroup (ticker: C) has partnered with cryptocurrency exchange Coinbase (Nasdaq: COIN) to launch two new products that streamline the conversion between stablecoins and traditional dollars for businesses. The first product, Coinbase Virtual Accounts, allows businesses to accept payments in U.S. dollars which are automatically converted into stablecoins using Citi's Banking-as-a-Service infrastructure. This is described as an industry-first feature. The second product enables institutional clients of Citi to receive stablecoin payments at checkout through Spring by Citi, with Coinbase managing the crypto side and converting funds back into traditional currency for settlement. The partnership aims to simplify operations for businesses that need to interact with both traditional finance systems and cryptocurrency networks without maintaining separate infrastructures. This collaboration is part of Citi's broader strategy in digital asset infrastructure, including its 24/7 USD clearing service and real-time cross-border payment solutions.
Topics: crypto partnerships payments infrastructure stablecoins