Citi and Coinbase Unveil Stablecoin Payment Structure

Global financial group Citi and Coinbase have unveiled their stablecoin payment collaboration structure. When consumers make payments using stablecoins, Coinbase converts them into fiat currency, and Citi settles the payments with merchants. Citi plans to integrate Coinbase's payment infrastructure into its corporate payment platform, "Spring by Citi." When customers pay with stablecoins, Coinbase Payments will convert them into fiat currency, and Citibank will settle with the merchants. Merchants can accept stablecoin payments while maintaining their existing bank accounts and accounting systems. This service is set to be initially launched in the United States. The collaboration between Citi and Coinbase was announced last October, and the service structure, which spans from stablecoin payments to fiat currency conversion and merchant settlement, has been revealed. The scope of collaboration does not stop at corporate acceptance of stablecoin payments; Citi's virtual account service will provide banking infrastructure for Coinbase's corporate virtual accounts. Both companies expect this collaboration to expand payment accessibility for businesses targeting over 150 million stablecoin holders worldwide.

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