Citi and Coinbase Partner to Develop Stablecoin Infrastructure for Enterprise Clients

Citigroup and Coinbase have announced a partnership to build payment infrastructure that enables institutional clients to bridge traditional fiat and stablecoins. The collaboration includes two main components: Coinbase Virtual Accounts, which utilize Citi’s banking-as-a-service platform to provide bank-like features for crypto payments, and the integration of Coinbase infrastructure into Citi’s merchant platform, Spring by Citi, to allow enterprises to accept stablecoin payments without directly managing crypto assets.