According to CoinMeta, Citi and Coinbase have expanded their cooperation to launch new stablecoins and fiat payment infrastructure, allowing Citi customers to accept stablecoin payments. At the same time, Coinbase provides blockchain infrastructure to convert these stablecoins into fiat currency. Business customers of Coinbase can also use the virtual accounts supported by Citi to automatically convert between fiat and stablecoins. This collaboration aims to simplify the adoption of stablecoins and eliminate the need for companies to build separate systems for traditional currencies and blockchain currencies. Citi's merchant processing services will enable merchants to accept stablecoin payments, while Coinbase is responsible for the blockchain infrastructure of these transactions and converts digital assets into traditional currencies. Citi then acts as a record-keeping bank for settlements, which means that merchants can receive stablecoin payments without having to manage wallets or hold crypto assets themselves.