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BTC 
ETH Citibank and Coinbase deepen cooperation: corporate customers can directly receive stablecoin payments
Today, large companies using Citi services allow customers to make payments through stablecoin without having to hold the tokens themselves. Coinbase announced Monday that its previous agreement with the Wall Street bank has been deepened in two directions.
First, Coinbase's payment infrastructure is now connected to Citibank's merchant payment platform "Spring by Citi". This allows Citibank's institutional customers to accept stablecoin payments at checkout. During this process, Coinbase will convert the tokens into fiat currency, and Citibank will serve as the bank of record to complete the fund settlement. A stablecoin is a cryptocurrency pegged to a traditional currency, usually the U.S. dollar, and enables round-the-clock settlement of funds.
In terms of reverse operation, Coinbase utilizes the Virtual Account Wallet of Citibank's "bank-as-a-service" business to support Coinbase's virtual account functions. These accounts allow companies built on Coinbase to receive, hold and send funds just as if they were using a bank account; when fiat currencies such as the US dollar are received, the system automatically converts them into stablecoins.
The two companies said that these two features will be launched first in the United States, with more features to be launched in the coming months. Coinbase estimates that the global potential user base exceeds 150 million stablecoin holders.
From experimental exploration to daily commercial applications
Coinbase机构业务负责人Brett Tejpaul表示：“花旗银行正是数字资产经济所需的受监管银行合作伙伴，它将推动行业从实验性探索走向日常商业应用。”
此次扩展建立在双方去年10月首次宣布的合作基础之上。当时，两家公司表示将致力于法币充值和提现服务，以简化花旗银行机构客户的加密资产出入金通道。此后，花旗银行进一步深入数字资产领域，并于8月宣布计划在其Custody+托管套件中增加比特币托管服务。
与此同时，Coinbase的业务范围也不断扩大，超越了单纯的交易服务。上周，它推出了基于Morpho协议的固定利率USDC贷款，抵押品为比特币。今年8月，它还为其以太坊Layer-2网络Base推出了面向非美国用户的代币化股票服务。
