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Bullish

Citi partners with Coinbase to enable institutional stablecoin payments

Citi has announced a strategic alliance with Coinbase to allow its institutional clients to accept payments in stablecoins through Citi's digital payments service, Spring by Citi. This collaboration aims to bridge traditional banking with blockchain-based finance, enabling merchants to accept stablecoin payments that are automatically converted to fiat currency by Citi. Coinbase will integrate with Citi's banking infrastructure to offer virtual accounts that convert fiat to stablecoins. The service is set to launch initially in the U.S., with plans for future expansion.

Key points

  • Citi's partnership with Coinbase signifies growing institutional adoption of cryptocurrency solutions.
  • The service will launch in the U.S., with future expansion plans.
  • The collaboration aims to bridge traditional banking with blockchain-based finance.

Sources

AI-generated from public news sources. Not financial advice.

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