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BTC Daily Morning Briefing
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the article only represent his personal position and do not necessarily reflect Decrypt's views.
Hello everyone! Here's today's big news:
Citibank and Coinbase make stablecoin transactions "invisible"
Today, corporate customers using Citibank's services can let consumers make payments directly through stablecoin. In this process, companies do not need to hold cryptocurrencies, open cryptocurrency accounts, and check wallet addresses. Coinbase will automatically convert stablecoins into U.S. dollars in the background, and Citibank will then complete the funds account like other regular payments.
This is the entire operating logic of this product, and its core highlights are precisely those "invisible parts." For enterprises, it is easy to get started without learning any complex encryption technology knowledge.
This model achieves two-way interoperability. Companies that build businesses on the Coinbase platform can now open bank account-like services supported by Citibank's software system. Inflows of funds are automatically converted into stablecoins; Citibank customers collect stablecoins and receive dollars. No matter which bank users choose, funds will arrive in the form they are accustomed to, and all currency conversions are silently completed behind the scenes.
Technology can truly realize its value when it takes a back seat. Users do not need to buy tokens or download wallet apps. Companies only need to add one payment option. In the underlying payment pipeline, stablecoins can be transferred in seconds, replacing traditional wire transfers that take two days. According to Coinbase data, more than 150 million people around the world hold stablecoins, and this technology allows companies to accept funds from users without having to delve into the crypto world. In the future, this number is expected to reach billions.
