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• Citi's institutional customers can now accept stablecoin payments through Spring, by, and Citi. Coinbase will exchange these tokens for fiat currency, and Citi will handle the fund settlement.
• Coinbase is currently using Citibank's Virtual Account Wallet to provide support for Coinbase Virtual Accounts. This service can automatically convert incoming fiat currency into stablecoins.
• Both features were launched in the United States first. This collaboration is built upon the partnership announced by both parties in October 2025.

Large enterprises that have opened accounts with Citibank can now allow their customers to make payments using stablecoins, without the enterprises themselves having to hold these tokens.

As stated on Monday, Coinbase, cooperation with this Wall Street bank has been deepened in two aspects. Firstly, the payment infrastructure of Coinbase has now been integrated with Spring by Citi – which is Citibank's merchant payment platform – allowing Citibank's corporate clients to accept stablecoin payments during the checkout process. Coinbase will convert these tokens into fiat currency, while Citibank will act as the registered bank to complete the fund settlement.

Stablecoins are cryptocurrencies that are pegged to traditional currencies, typically to the US dollar, and they allow for 24/7 settlement.

In terms of reverse capital flow, Coinbase adopted Citibank's Virtual Account Wallet. This product is part of Citibank's "Bank as a Service" business and is used to support Coinbase Virtual Accounts. Such accounts enable businesses built on Coinbase to receive, hold, and send funds just like using a bank account, and the incoming fiat currency—such as US dollars—is automatically converted into stablecoins.

Both companies stated that these two features will be launched first in the United States, with more capabilities to be added in the coming months. Coinbase mentioned that the potential service targets over 150 million stablecoin holders worldwide.

Coinbase Institutional said, "Citi is precisely the kind of regulated banking partner that the digital asset economy needs to move from the experimental stage to everyday commerce." Brett Tejpaul

This expansion is built upon the cooperation first announced by both parties in October last year. At that time, the two companies stated that they would collaborate on fiat currency deposits and withdrawals to help Citibank's institutional clients more smoothly transition between crypto assets and the traditional financial system. Since then, Citibank has further advanced its digital asset business and announced in August its plan to add Bitcoin custody services to its Custody + product suite.