Citi to Offer Stablecoin Checkout for Corporate Clients, With Coinbase Handling the Conversion

Businesses that use Citigroup to process their payments will be able to accept stablecoins from customers and receive fiat in return, under an expanded partnership with Coinbase that the two companies announced Monday.

The feature sits inside Spring by Citi, the bank’s platform for merchant acquiring, gateway services and settlement. When a buyer pays in stablecoins, Coinbase’s payments infrastructure swaps the tokens for fiat, and Citi, as the bank of record, credits the merchant, Coinbase said. Merchants don’t have to hold the stablecoins directly.

The companies said the setup opens merchants up to more than 150 million people worldwide who hold stablecoins. Citi says it moves about $6 trillion a day.

“This partnership with Coinbase is a pivotal step in our ongoing Services strategy to provide optionality for our clients,” Shahmir Khaliq, Citi’s head of services, said in the release.

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Coinbase, for its part, selected Citi’s Virtual Account Wallet, which Citi sells to other companies through its banking-as-a-service business, as the banking layer for Coinbase Virtual Accounts. Coinbase payments customers can use the accounts much as they would a bank account, taking in, keeping and paying out funds, and fiat that lands in them is switched into stablecoins automatically. The companies described that automatic conversion as “an industry-first.”

“Clients building on Coinbase have always needed a fast, compliant bridge between fiat and stablecoins, and Citi gives us that at scale,” Alec Lovett, head of infrastructure product at Coinbase, said in the release.

The products will roll out in the U.S. first. Neither company’s announcement gave a launch date or pricing, or named the stablecoins and blockchains involved.

Citi and Coinbase’s partnership dates to October 2025, when it centered on moving client money between fiat and crypto. The companies said Monday they will add more features in the coming months.

Citi is also one of 21 banks and asset managers that said on Sept. 1 they would form a company to issue a dollar stablecoin, targeting the first half of 2027.

Related Listen: Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments?

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