花旗与Coinbase稳定币合作，让商户跳过加密资产托管

花旗与Coinbase合作：商户可接受稳定币结算，无需持有加密资产

花旗集团（Citi）的机构客户现在可以在结账环节直接接受稳定币支付，并自动获得法币结算。这一突破性的合作标志着Coinbase虚拟账户现已运行于花旗的银行基础设施之上。与此同时，花旗正并行构建多种形式的区块链货币体系。通过银行合作伙伴关系，Coinbase正在拓展不依赖于交易佣金的收入来源。

根据9月28日宣布的扩大版合作协议，Coinbase负责处理通过“Citibank Spring”进行的稳定币结账支付环节，并自动将资金兑换为法币；而花旗作为记录银行（Bank of Record），向商户结算美元。反之，在另一方向上，Coinbase选择了花旗的虚拟账户钱包（Virtual Account Wallet）来 powering Coinbase虚拟账户，该功能可将流入的法币自动转换为稳定币供企业用户使用。这两项服务均率先在美国市场推出。

流程一：稳定币入账，美元出账

该商户产品的设计核心在于让企业完全无需触碰数字资产本身。具体流程如下：

• 顾客：在结账时使用稳定币支付。
• Coinbase Payments：接收并转换资金。
• 花旗银行：作为记录银行结算法币。
• 商户: Received U.S. dollars and never held cryptocurrency.

This setting allows merchants to reach more than 150 million stablecoin holders around the world. Merchants do not need to open wallets, custody arrangements, and treasury management policies for digital assets.

Process 2: Accounting in US dollars and disbursement in stable currencies

Coinbase virtual accounts perform the opposite process. Companies building businesses on the Coinbase platform have virtual accounts similar to bank accounts that can receive, hold and send funds, and incoming fiat currencies can be automatically converted to stablecoins upon arrival. Citi provides the underlying layer of regulated banking services through its Bank as a Service (BaaS) division.

The two companies have not crossed borders into each other's territory: Citi retains licenses and settlement rights, while Coinbase retains infrastructure connectivity to blockchain.

Citi's scale advantage and strategic layout

Citi's size gives this cooperation huge weight. The bank said it handles approximately US$6 trillion in daily capital flows and serves 90% of large e-commerce companies and 15 of the world's top 20 fintech giants.

It took only 11 months from the first announcement of cooperation on October 27, 2025 to the implementation of the stablecoin acceptance products. The original agreement covered deposits/withdrawals of legal currency, deposits and withdrawals channels for Coinbase customers, and round-the-clock connection between bank funds and digital assets. At that time, stablecoin withdrawals were listed as a follow-up exploration matter. Today, stablecoin acceptance has become a mature product that Citi can sell to corporate customers.

关键时间节点回顾

• 2025年10月27日：花旗与Coinbase宣布专注于出入金通道的支付合作。
• 2026年5月：Coinbase与PPPRO合作，将其商户的稳定币受理能力扩展至更多商家。
• 2026年7月：暹罗商业银行（Siam Commercial Bank）上线花旗代币服务，实现全天候美元清算。
• 2026年9月2日：花旗在Swift区块链账本上运行实时交易。
• 2026年9月16日：Coinbase与Stablecore合作，目标覆盖美国3,000多家银行和信用社。
• 2026年9月28日：花旗与Coinbase的扩大版合作在美国正式启动。

花旗并行布局三种区块链货币形式

花旗在2026年投资者日上明确表示，充当法币、稳定币和代币之间的桥梁是其数字资产优先事项之一。此次与Coinbase的交易主要涉及USDC等第三方稳定币。此外，花旗的代币服务（Token Services）涵盖代币化存款——即在区块链上记录的针对花旗自身的债权要求。今年9月初，花旗称该平台的交易量约为10亿美元。9月28日，花旗宣布代币服务已在日本和阿联酋上线，使其覆盖的市场总数达到七个。

第三种形式可能是由银行自身发行的稳定币。2025年9月1日，包括花旗在内的21家机构宣布计划组建一家公司，最早可能在2027年发行美元稳定币。此外，花旗已在Swift区块链账本上运行实时交易，并计划在今年晚些时候开始托管原生数字资产，首先从比特币开始。

花旗内部的研究解释了这种对冲策略的逻辑。其《2030稳定币报告》预测，在基准情况下，到本世纪末稳定币发行量将达到1.9万亿美元。然而，同一批分析师预计，到2030年，银行代币的交易量将超过稳定币。一家预期两者都会增长的银行，有充分的理由去掌控它们之间的连接纽带。

Coinbase深化银行网络接入

Coinbase正在通过与花旗、摩根大通以及3,000多家小型银行的连接，将其自身嵌入传统金融网络。稳定币已为Coinbase带来真金白银的收入。该公司第二季度报告显示，稳定币收入约为2.921亿美元，其产品中持有的平均USDC创下200亿美元的纪录，占流通供应量的30%以上。订阅和服务收入占季度净收入的48%。

Citi is just one of multiple distribution agreements Coinbase has. In May this year, Coinbase signed up with payment company PPPRO to reach its merchants; on September 16, it partnered with Stablecore, which covers more than 3,000 banks and credit unions in the United States. Six days earlier, it also announced a similar agreement with Moov, aiming to cover more than 1,000 community banks. JPMorgan Chase's JPM Coin deposit tokens are already running on Coinbase's second-layer network Base. No matter how volatile the price of the crypto market fluctuates, each link directs payment traffic to Coinbase's infrastructure.

Clarification on the yield dispute

According to the Wall Street Journal, stablecoins held on the Coinside side side of the arrangement can earn approximately 3.75% per year. Stable coin gains were one of the focuses of conflict between banks and crypto companies in the Senate's stalled CLARITY bill. But Shahmir Khaliq, Citi's services director, said the setback did not stop the bank's digital asset work, which continued to advance related businesses under its existing license.

Future Outlook: Bitcoin Custody and Bank Stabiloins in 2027

此次美国发布涵盖两项产品，双方表示未来几个月还将推出更多功能。截至9月25日，总稳定币供应量接近3,050亿美元，其中USDC约为750亿美元，相对于花旗2030年的预测基数而言仍较小。接下来的具体里程碑包括：花旗今年晚些时候推出的比特币托管服务，以及银行联盟计划的2027年稳定币项目。另一个看点是国会是否会重新审议稳定币收益问题，据报Coinbase已开始对这部分余额支付收益。