Citi expands collaboration with Coinbase to link fiat and stablecoin payments
C•Citigroup expanded its collaboration with Coinbase to connect fiat banking rails with stablecoin payments for corporate and consumer use. The U.S. rollout includes virtual accounts with automatic stablecoin conversion and checkout payments converted to fiat for settlement.
1. Payment services
Coinbase selected Citi’s Virtual Account Wallet to power Coinbase Virtual Accounts, which offer bank-account-like fiat functions with automatic stablecoin conversion. Citi will let institutional clients accept stablecoin payments at checkout via Spring by Citi, with Coinbase Payments converting them to fiat for settlement. The rollout starts in the U.S. and targets always-on payments while reducing the need for clients to build separate blockchain infrastructure.
