Citi partners Coinbase for institutional stablecoin payments

Citi and Coinbase announced plans to collaborate on stablecoin payment solutions, targeting Citi’s institutional clients with potential expansion to additional global clients in the future. The partnership focuses on enabling round the clock payment capabilities by bridging traditional banking infrastructure with blockchain based payment systems.

The initial collaboration will streamline the conversion between fiat currency and stablecoins, focusing on on and off ramps. The partnership also includes payments orchestration to make these transitions more accessible for institutional users operating at scale. Ultimately, they aim to explore using stablecoins for institutional clients to settle payments, manage treasury operations, or improve efficiencies across their financial systems.

Coinbase views the collaboration as transformative for digital asset adoption. “By combining their reach with Coinbase’s leadership in digital assets, we’re creating solutions that can simplify and expand access to digital asset payments,” said Brian Foster, Global Head of Crypto as a Service at Coinbase.