Story perspectives

Citi and Coinbase Launch U.S. Stablecoin Payments for Businesses

By Drooid · Sep 29, 2026, 2:11 AM UTC · How we work

Summary

Story summary

Citigroup and Coinbase partnered to launch U.S. stablecoin payment services for businesses.
Coinbase Virtual Accounts, powered by Citi’s Virtual Account Wallet, automatically convert incoming fiat into stablecoins.
Coinbase converts stablecoins to fiat.
Citi’s Spring platform lets institutional merchants accept stablecoin payments without holding crypto.
Citi settles the funds as the bank of record.

History

Historical Context

In 2019, JPMorgan Chase introduced JPM Coin, a blockchain-based stablecoin designed for instant settlement among its institutional clients, especially for cross-border payments. Within its first year, the bank processed over $10 billion in JPM Coin transactions, demonstrating large-scale corporate appetite for regulated digital cash by the end of 2020. Today, Citigroup’s partnership with Coinbase mirrors that precedent, offering businesses automated fiat-to-stablecoin conversion through Citi’s Spring platform and Coinbase Virtual Accounts in New York and London. The earlier JPM Coin rollout signals banks’ willingness to embed crypto infrastructure, suggesting broader financial-system integration and regulatory scrutiny ahead as regulators weigh new guidance.

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Story summary

Citigroup and Coinbase partnered to launch U.S. stablecoin payment services for businesses.
Coinbase Virtual Accounts, powered by Citi’s Virtual Account Wallet, automatically convert incoming fiat into stablecoins.
Coinbase converts stablecoins to fiat.
Citi’s Spring platform lets institutional merchants accept stablecoin payments without holding crypto.
Citi settles the funds as the bank of record.

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