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Coinbase lets Citi clients accept stablecoin payments via Spring by Citi

The setup also includes Coinbase Virtual Accounts that can automatically convert incoming fiat into stablecoins using Citi’s Virtual Account Wallet.

Reported · Written up by our desk · Market Structure

Coinbase said on Sept. 28 that Citi institutional clients can now accept stablecoin payments through Spring by Citi, using Coinbase’s payments infrastructure.

Coinbase also said its Virtual Accounts can automatically convert incoming fiat into stablecoins through Citi infrastructure, with Citi’s Virtual Account Wallet powering the accounts.

The companies described the partnership as defining two use cases, one for receiving stablecoins and another for moving received conventional currency into them, with the stablecoin payment starting the described flow.

Coinbase said the capability is available now, but the announcement did not name a client that has processed a payment through Spring or disclose any transaction amounts, according to CryptoSlate.

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