Citi institutional clients can now receive, hold and pay in stablecoins

Citigroup and Coinbase expanded their partnership so Citi's institutional clients can accept stablecoin payments. Merchants on Citi's Spring platform can accept stablecoins at checkout via Coinbase, which converts them to fiat while Citi settles as bank of record. Coinbase will also use Citi's Virtual Account Wallet to power Virtual Accounts, letting business customers receive, hold and pay fiat, with incoming funds converted into stablecoins. The services launch first in the United States; the partnership was first announced in 2025.