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Citi and Coinbase make stablecoin payments seamless for customers

Citi will not hold stablecoins or see customer wallet addresses, with Coinbase handling the behind-the-scenes conversion to dollars.

Reported · Written up by our desk · Stablecoins

Decrypt reports that Citi and Coinbase have launched a stablecoin payment setup that lets customers pay with stablecoins while Citi itself never holds a token, opens a crypto account, or sees wallet addresses.

In the described system, Coinbase converts stablecoins into dollars behind the scenes, and Citi then deposits the money as it would for any other payment.

The outlet also says the arrangement can work in both directions, with customers getting paid in stablecoins when they bank with Citi, while Citi customers receive dollars and Coinbase customers receive stablecoins, depending on where the payer has their account.

Decrypt characterizes the product as making the crypto component effectively invisible by keeping the conversion and wallet-facing steps behind the scenes.

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