Coinbase powers Citi stablecoin payment services for institutions

Coinbase said on Sept. 28 that Citi institutional clients can now accept stablecoin payments through Spring by Citi using Coinbase's payments infrastructure. Coinbase said its Virtual Accounts can automatically convert incoming fiat into stablecoins using Citi's Virtual Account Wallet. Coinbase says the accounts give customers fiat wallets that automatically convert incoming fiat. The Spring by Citi route begins with a stablecoin payment. The Virtual Accounts route begins with a traditional currency payment and ends with stablecoins in the customer's account. Neither company disclosed customer numbers, payment volumes, pricing, eligible currencies or supported stablecoins. Coinbase did not identify a client that had processed a payment through Spring or disclose the amount transacted. The announcement does not establish whether a single customer can use both paths. In October 2025, Citi said it and Coinbase intended to develop institutional digital asset payment capabilities. Citi said the initial focus would be fiat pay-ins and pay-outs for Coinbase's on- and off-ramps and payment orchestration. Citi also said specific initiatives would follow.