Citi and Coinbase Link Fiat and Stablecoin Payments for Institutions
COIN sits 39% above its 52-week low of $139.11 on light trading volume (0.2× avg).
Summary
Coinbase and Citi are expanding their collaboration to bridge fiat and stablecoin payments. Coinbase will use Citi's Virtual Account Wallet solution to power Coinbase Virtual Accounts, giving its payments customers bank-account-like functionality with automatic conversion of incoming fiat into stablecoins. In parallel, Citi's institutional clients can accept stablecoin payments at checkout through Spring by Citi, with Coinbase Payments handling the stablecoin acceptance and Citi settling funds as bank of record. This is a meaningful step for Coinbase's institutional infrastructure ambitions, pairing its crypto rails with a major global bank's regulated banking services. The initiatives launch first in the U.S., with both companies planning additional capabilities in the coming months.
At the time of this announcement, COIN was trading at $193.72 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $51.1B. The 52-week trading range was $139.11 to $402.16. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.