Citi and Coinbase have launched a service allowing corporate clients to process payments using stablecoins without interacting with crypto infrastructure. The system automatically converts stablecoins into fiat currency, meaning businesses do not need to manage digital wallets or open specialized accounts.
The integration functions in both directions. Companies using Coinbase can utilize Citi banking software to automatically convert incoming dollar payments into stablecoins. This process replaces traditional wire transfers, which typically take two days, with near-instant settlement.
Coinbase reports that over 150 million people currently hold stablecoins globally. By automating the conversion process, the partnership aims to enable businesses to accept payments from this user base without requiring them to adopt crypto-specific workflows or technologies.
