Coinbase partners with Citi on stablecoin payments

Coinbase Global announced that it has expanded its collaboration with Citigroup across two payment areas. Institutional clients using Spring by Citi, the bank's payment acceptance platform, can now accept stablecoin payments at checkout through Coinbase's infrastructure. Merchants will not need to hold stablecoins directly. Coinbase converts the tokens into fiat currency, while Citi settles the funds as the bank of record.

Under the second initiative, Coinbase selected Citi's Virtual Account Wallet to power Coinbase Virtual Accounts. This banking-as-a-service solution gives payments customers bank-like features to receive, hold and send money. Any incoming fiat currency converts automatically into stablecoins.

The services will debut in the United States, followed by additional features in the coming months. Coinbase noted that the checkout integration connects merchants to a global market of more than 150 million stablecoin holders. Brett Tejpaul, head of Coinbase Institutional, stated that Citi provides the regulated banking support necessary to shift digital assets from experimentation into regular commerce.

Coinbase shares fell 0.38% intraday as of 10:30 a.m. Eastern Time on September 28, 2026.