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Citi has partnered with Coinbase to let corporate clients, including large multinational companies, accept stablecoin payments through Citi’s merchant acquiring services. Coinbase will provide the payment rails and blockchain infrastructure, automatically converting stablecoins into fiat, while Citi serves as the bank of record for settlement.
Why it matters
The partnership links stablecoin payment infrastructure with a major bank’s corporate merchant services. Coinbase payments clients can also use Citi banking capabilities to receive, hold and make payments through account-like tools.
Market impact
Cash received through those tools can be automatically converted into stablecoins and held on Coinbase. USDC currently earns up to 3.75% in annual rewards, adding a stablecoin holding option to the corporate payment setup.
Frequently asked questions
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How will stablecoin payments be settled for Citi corporate clients?
Coinbase will provide the stablecoin payment rails and blockchain infrastructure, automatically converting stablecoins into fiat. Citi will serve as the bank of record for settlement.
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Which businesses are expected to use the payment service?
Citi’s corporate clients, including large multinational companies, will be able to accept stablecoin payments through its merchant acquiring services.
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What banking tools will Coinbase payments clients be able to use?
They will be able to use Citi’s banking capabilities to receive, hold and make payments through account-like tools.
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Can cash received through the account-like tools be held as stablecoins?
Yes. Cash can be automatically converted into stablecoins and held on Coinbase.
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What annual rewards does USDC currently offer on Coinbase?
USDC currently earns up to 3.75% in annual rewards on Coinbase.
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