Citigroup and Coinbase are partnering to let institutional clients accept stablecoin payments through Spring by Citi. Bloomberg reported that merchants using the platform will be able to receive stablecoins at checkout. Coinbase will provide the payment infrastructure and convert stablecoins into fiat currency; Citi will settle the funds as the bank of record, so merchants will not need to manage crypto directly.
The companies are initially launching the services in the United States, with additional functions expected in the coming months. Citi’s Virtual Account Wallet will also support Coinbase Virtual Accounts for business customers, linking Citi’s banking platform with Coinbase’s digital-asset services.
