Coinbase and Citi Expand Stablecoin Payments
Coinbase and Citi are expanding their partnership to provide businesses with infrastructure connecting traditional banking and stablecoin payments. Coinbase will use Citi’s Virtual Account Wallet to power Coinbase Virtual Accounts, allowing businesses to accept, hold and send funds while incoming fiat is automatically converted into stablecoins. The collaboration also brings Coinbase’s payments infrastructure to Spring by Citi, enabling institutional clients to accept stablecoin payments without directly holding or managing digital assets. Coinbase will automatically convert the received stablecoins into fiat, while Citi will settle the funds for merchants. The new capabilities will initially launch in the United States, with additional features expected in the coming months. For crypto exchange users, the development highlights the growing integration between traditional banking and digital assets. Track crypto rates and exchange conditions on xbit.money.