On Monday, the companies said that, via an integration with Coinbase Payments, Spring by Citi merchants will be able to accept stablecoin payments at checkout. Those stablecoins will be automatically converted to fiat, with Citi handling settlement in its capacity as the bank of record. That setup means no crypto custody or wallet wrangling for the merchant. As Citi's head of services Shahmir Khaliq put it, "We are trying to make sure that we cover all aspects of their incoming and outgoing payments."
This extends a partnership they announced last year aimed at creating digital-asset payment features for institutional clients. As part of the new phase, Coinbase will tap Citi's virtual account wallet setup to offer its payments users account-style functionality, including the ability to receive, store, and disburse funds. Any fiat money coming in will be turned into stablecoins automatically. The initial rollout will be in the US, the companies said, with more joint solutions planned in the coming months.
Stablecoins, which are typically linked to assets like the US dollar, have seen popularity jump over the past year, helped by new US rules backed by President Donald Trump. Banks and fintechs are leaning in because they want faster, around-the-clock payments. Lenders are also testing other digital money formats like tokenized deposits - essentially blockchain-based versions of bank account balances.
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Citi runs Citi Token Services, which lets institutional clients move money 24/7 using blockchain technology. For corporate treasurers, Khaliq said that can mean sending dollars across borders instantly instead of waiting for traditional settlement. "It allows them to run working capital and liquidity more efficiently," he added.
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