Citigroup announced a partnership with Coinbase to allow its clients to switch between traditional currencies and stablecoins without managing two separate systems. The deal has two components: Coinbase Virtual Accounts, built on Citi’s banking-as-a-service platform, will provide banking-like features to Coinbase payment customers, while Citi’s merchant platform Spring by Citi will use Coinbase’s infrastructure to enable enterprise clients to accept stablecoin payments at checkout. Coinbase will automatically convert stablecoins to fiat and Citi will settle the funds, sparing merchants from holding crypto directly. Citi also revealed it is working with other major banks, including Deutsche Bank, Goldman Sachs and Bank of America, to explore issuing a stablecoin product.
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