Citigroup and Coinbase are expanding their partnership to help corporate clients accept stablecoin payments while maintaining traditional fiat settlement through regulated banking infrastructure. Under the arrangement, Coinbase converts stablecoin payments into fiat before Citi settles the proceeds for merchants, with Coinbase handling stablecoin transactions and Citi providing settlement services and account infrastructure for businesses. The partnership was announced on September 28, 2026.

Citi Adds Stablecoin Payments for Corporate Clients

Citigroup is partnering with Coinbase to let institutional clients accept stablecoin payments through Spring by Citi, connecting blockchain payment rails with Citi's traditional banking infrastructure. The setup means Citi clients can accept stablecoins without directly managing digital assets.

Coinbase will provide the blockchain infrastructure supporting stablecoin payments at checkout. When a customer pays with a stablecoin, the system automatically converts the payment into fiat, and Citi settles the proceeds as the bank of record. Merchants can therefore accept digital-asset payments without holding or managing stablecoins themselves, allowing businesses to maintain familiar fiat settlement processes while customers gain another payment option.

The service will initially launch in the United States, with additional capabilities expected during the coming months. The announcement did not detail timing for availability beyond the US, so the rollout of those additional capabilities will indicate how the service expands from its initial market.

The development also expands Coinbase's existing payments infrastructure, which supports stablecoin acceptance across multiple networks and business applications. Coinbase says its payments platform reaches a global base of more than 150 million stable users. Citi, meanwhile, brings its established banking infrastructure and payment capabilities to the arrangement, operating across more than 180 countries and jurisdictions, according to the companies' announcement.

We're bringing stablecoins into the banking system with @Citi . That means instant stablecoin acceptance for institutions – all on bank-grade, regulated infrastructure. The next step for stablecoins becoming everyday money. pic.twitter.com/9ftQ50yl5y

— Coinbase 🛡️ (@coinbase) September 28, 2026

Coinbase Virtual Accounts Connect Fiat and Stablecoins

The partnership also introduces a second connection between Citi's banking systems and Coinbase's digital-asset infrastructure. Coinbase selected Citi's Virtual Account Wallet to power Coinbase Virtual Accounts, a service that gives business customers account-like functionality for receiving, holding and sending funds. Incoming fiat can automatically convert into stablecoins through Coinbase's infrastructure, removing the need for businesses to maintain separate banking and digital-asset systems for those transactions. In effect, Coinbase Virtual Accounts use Citi banking rails to connect fiat and stablecoin payments.

The two companies are therefore addressing both sides of corporate stablecoin activity: Citi's institutional clients can accept stablecoins from their customers and receive settlement in fiat, while Coinbase's business customers can move incoming fiat into stablecoins.

Alec Lovett, Coinbase's Head of Infrastructure Product, said the collaboration provides businesses with regulated banking infrastructure alongside stablecoin functionality. Debopama Sen, Citi's Head of Payments, said the bank aims to support payment infrastructure across traditional and digital networks.

The collaboration comes as financial institutions expand their involvement in stablecoin payments. Coinbase recently announced separate partnerships involving community banks and credit unions, indicating broader efforts to connect stablecoins with existing banking systems. Taken together, these arrangements follow a consistent model: stablecoin functionality attached to existing bank accounts and settlement flows, allowing businesses to add digital-asset payments without running separate banking and crypto operations.