Citi And Coinbase Bring Stablecoin Payments Into Corporate Banking

TL;DR Citi and Coinbase have expanded their partnership with new stablecoin and fiat payment infrastructure for businesses. Citi clients can accept stablecoin payments while Coinbase provides blockchain rails and conversion into fiat. Coinbase business customers can also use Citi-powered virtual accounts that automatically move between fiat and stablecoins. Citi and Coinbase are connecting corporate bank accounts with stablecoin payments in both directions. The two companies expanded their partnership on September 28 with infrastructure that lets Citi’s institutional clients accept stablecoin payments while giving Coinbase business customers access to bank-style virtual accounts powered by Citi. The idea is to remove one of the more awkward parts of stablecoin adoption: companies having to build separate systems for conventional money and blockchain money. Merchants Can Accept Stablecoins Without Holding Them Citi clients using the bank’s merchant-processing services will be able to accept stablecoin payments from customers. Coinbase provides the blockchain infrastructure behind the transaction and converts the digital assets into traditional currency. Citi then settles the funds a...