Citi and Coinbase Partnership Makes Stablecoins 'Invisible'
What happened: Citi and Coinbase have expanded their collaboration to enable seamless fiat and stablecoin payments for both corporations and consumers.
What happened: Citi and Coinbase have expanded their collaboration to enable seamless fiat and stablecoin payments for both corporations and consumers. Merchants using Spring by Citi can now accept stablecoins at checkout via Coinbase Payments, with funds auto-converted to fiat and settled by Citi. Additionally, Coinbase is leveraging Citi's Virtual Account Wallet to power Coinbase Virtual Accounts, allowing auto-conversion between fiat and stablecoins. Coinbase reports over 150 million global stablecoin holders.
Why it matters: The partnership positions stablecoins as "invisible" to end users—no wallets or tokens required, with settlement times reduced from two days to seconds. This could accelerate mainstream adoption and regulatory acceptance, as stablecoin payments blend into traditional banking rails. The move also signals growing convergence between major banks and crypto-native platforms.
Source: Decrypt