Citi is partnering with Coinbase to explore stablecoin payments for its institutional clients. This collaboration marks a step toward integrating cryptocurrency into traditional banking. The initiative focuses on piloting stablecoin transfers.
Citi, a major Wall Street bank, has announced a partnership with Coinbase to pilot stablecoin transfers. The collaboration aims to enable stablecoin payments specifically for Citi's institutional clients, bringing traditional finance closer to on-chain technologies.
According to the announcement, this move represents Citi's deeper engagement with cryptocurrency. Stablecoins, which are digital assets pegged to fiat currencies for stability, could streamline cross-border payments and settlements for large institutions.
The partnership highlights growing interest from established banks in blockchain-based solutions. Coinbase, a leading cryptocurrency exchange, will support the pilot, leveraging its expertise in digital assets.
This development occurs amid increasing adoption of crypto by financial institutions, though specifics on the pilot's timeline, scope, or involved stablecoins remain undisclosed in the initial reports.