Citi and Coinbase expand their partnership so Citi's corporate clients can accept stablecoin payments

Citi and Coinbase have announced two new initiatives, launching first in the US. Spring by Citi, the bank's payment acceptance platform, will let institutional clients accept stablecoins at checkout through Coinbase Payments, with automatic conversion to fiat and settlement by Citi as bank of record. Merchants do not have to hold or manage digital assets.

In the other direction, Coinbase has chosen Citi's Virtual Account Wallet, part of Citi's Banking-as-a-Service offering, to power Coinbase Virtual Accounts: bank-account-like functionality where incoming fiat converts automatically into stablecoins.

The two first announced a collaboration in October 2025, focused on fiat-to-crypto payment infrastructure. Shahmir Khaliq, head of services at Citi, called it a step in Citi's services strategy; Alec Lovett, head of infrastructure product at Coinbase, pointed to the need for a compliant bridge between fiat and stablecoins at scale.

Link to the announcement in the first comment.