Citi and Coinbase Unlock Merchant Stablecoin Payments With Fiat Settlement
Coinbase deepened its collaboration with Citi to enable businesses to convert incoming fiat into stablecoins and to accept stablecoin payments, Coinbase said in a Monday (Sept. 28) blog post. Coinbase chose Citi’s Virtual Account Wallet to power Coinbase Virtual Accounts, which enable customers to accept, hold, pay and automatically convert incoming fiat into stablecoins. Citi […] The post Citi…
Coinbase and Citi have joined forces to enable businesses to accept and use stablecoins, which are digital currencies pegged to the value of a stable asset like the US dollar. The partnership allows Coinbase customers to convert fiat money into stablecoins and receive payments in stablecoins, which are then automatically converted back into fiat by Citi for settlement.
Citi provides the regulated banking infrastructure that connects Coinbase Virtual Accounts to the global financial system, giving Coinbase's clients the ability to have "bank account-like functionality with the speed of stablecoins underneath it." The collaboration will initially launch in the United States, as the banks aim to build a seamless, interoperable payments infrastructure that operates across traditional and digital payment instruments.
Debopama Sen, head of payments, services at Citi, emphasized their focus on delivering solutions to help clients operate in an increasingly fast-paced and complex global economy.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
