According to a recent report by The Wall Street Journal, banking giant Citigroup has deepened its cooperation with Coinbase.
Citi will use the infrastructure of Coinbase to receive payments from customers in stablecoins.
Cooperation Expands
It is worth noting that Citibank and Coinbase did not start from scratch. The two companies first announced a broader cooperation in digital asset payments in October 2025.
Initially, both parties focused on the relevant infrastructure to enable institutional users to convert between traditional currencies and digital assets. At that time, the two companies also stated that they would explore other methods of conversion between fiat currencies and stablecoins.
Specific details are still limited. So far, neither The Wall Street Journal nor Citibank has mentioned which stablecoins or blockchain networks they will support.
Citi's broader encryption strategy
Citi has recently identified four key pillars for its digital assets business.
These include expanding Citi Token Services, enhancing interoperability, developing encrypted hosting and tokenization services, as well as providing banking infrastructure for virtual asset service providers.
Citi stated that its goal is to act as a bridge between fiat currency, stablecoins, and other tokens.
Hosting and Tokenization
In August this year, this banking giant launched the Custody platform and confirmed plans to introduce a native digital asset custody service by the end of 2026, with Bitcoin being the first asset to be supported.
Citi stated that this encryption service will be offered in parallel with its traditional hosting products. Citi is also further deepening its involvement in tokenized securities.
In June this year, Citibank launched Digital Depositary Receipts, which is used to represent shares of private companies. The related tokens are utilized on a regulated blockchain infrastructure operated by SIX, with Citibank serving as both the issuer and the custodian.
More recently, Citibank became the first U.S. bank to process real, native transactions on a blockchain-based ledger using Swift.
