Citi Partners with Coinbase for Stablecoin Payments for Corporate Clients

Citi has partnered with Coinbase, allowing its institutional clients to accept stablecoin payments through merchant acquiring services. Coinbase provides the stablecoin payment gateway and underlying blockchain technology, automatically converting stablecoins to fiat currency, while Citi acts as the custodian bank for fund settlement. Coinbase's payment clients can leverage Citi's banking capabilities to receive, hold, and make payments using tools similar to bank accounts, with received cash automatically converted to stablecoins and stored in Coinbase, currently earning an annualized interest reward of 3.75%. Citi has also expanded its Citi Token Services to Japan and the UAE, supporting multinational corporations in instant fund transfers within the Citi network around the clock, now operational in seven jurisdictions including the United States.

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