From Pymnts · PYMNTS · · 1m 10s
Citi and Coinbase Pair Stablecoin Payments With Fiat Settlement
Citi and Coinbase launch stablecoin payments with fiat settlement for businesses.
In brief
Citi and Coinbase launch stablecoin payments with fiat settlement for businesses. Citi and Coinbase enable businesses to convert incoming fiat to stablecoins and accept stablecoin payments using a compliant bridge. Originally reported by Pymnts.
Collaboration Announcement
Coinbase deepened its collaboration with Citi to enable businesses to convert incoming fiat into stablecoins and accept stablecoin payments.
Virtual Account Wallet
Coinbase chose Citi’s Virtual Account Wallet to power Coinbase Virtual Accounts for accepting, holding, paying and converting incoming fiat into stablecoins.
Citi’s Banking Infrastructure
Citi provides the regulated banking infrastructure that connects these accounts to the global financial system.
Spring Platform Integration
Coinbase adopted Spring by Citi to enable institutional clients to accept stablecoin payments without holding or managing stablecoins themselves.
Client Benefits
Clients can offer branded virtual accounts, automatically convert incoming fiat to stablecoins, and enable merchants to receive fiat settlement when paid in stablecoins.
Initial Launch
The initiatives will launch first in the United States, with Citi focused on delivering solutions for a fast-paced global economy.
What to remember
Citi and Coinbase enable businesses to convert incoming fiat to stablecoins and accept stablecoin payments using a compliant bridge.
