Coinbase expands stablecoin payments with Citi

• Coinbase Global Inc (NASDAQ:COIN) has expanded its payments collaboration with Citi.
• Coinbase Virtual Accounts will use Citi’s Virtual Account Wallet to connect fiat and stablecoins.
• Citi’s institutional clients can accept stablecoin payments through Spring by Citi.

Coinbase Global Inc (NASDAQ:COIN) has expanded its payments collaboration with Citi.

The partnership connects Coinbase’s digital asset infrastructure with Citi’s regulated banking rails.

“Fintechs building on Coinbase have always needed a fast, compliant bridge between fiat and stablecoins, and Citi gives us that at scale,” Coinbase Head of Infrastructure Product Alec Lovett said in a statement.

Coinbase Virtual Accounts will use Citi’s Virtual Account Wallet to provide bank-account-like functionality.

Incoming fiat can automatically convert into stablecoins, while users can accept, hold and pay funds.

Citi’s institutional clients can also accept stablecoin payments through Spring by Citi without holding stablecoins directly.

Coinbase’s infrastructure converts those payments into fiat, while Citi settles the funds as bank of record.
Following the announcement, Coinbase Global Inc (NASDAQ:COIN) shares were down 0.9229% at $190.02.