Citi and Coinbase expanded their partnership on September 28 with infrastructure allowing Citi’s institutional clients to accept stablecoin payments. Coinbase provides the blockchain layer and converts digital assets into traditional currency while Citi settles funds as the bank of record. Coinbase business customers can also access virtual accounts powered by Citi’s infrastructure with automatic conversion between fiat and stablecoins. This hybrid model aims to simplify stablecoin adoption without requiring companies to build separate systems for conventional money and blockchain money. For Coinbase, integration into corporate payments could prove more significant than adding another crypto button for consumers.
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