Citigroup and Coinbase are joining forces to build infrastructure that will help businesses move between traditional currency and stablecoins without having to operate separate banking and cryptocurrency systems.
The partnership, announced in a joint statement on Monday and reported by Bitcoin Magazine, combines Citi’s regulated banking capabilities with Coinbase’s digital-asset infrastructure. It is the latest example of a major bank using blockchain technology to expand its digital-payment services and support customers seeking access to crypto-related products.
How the Citi-Coinbase system will work
The agreement has two main components. The first is Coinbase Virtual Accounts, which are being built on Citi’s banking-as-a-service platform. These accounts are intended to give Coinbase’s payments customers bank-account-like functions, including the ability to accept, hold and send money.
Citi will provide the regulated banking infrastructure behind the accounts. Under the proposed arrangement, incoming fiat currency—government-issued money such as US dollars—can be converted automatically into stablecoins. Stablecoins are digital tokens designed to maintain a stable value relative to a traditional currency, although the source material does not identify a specific stablecoin for this arrangement.
The second component involves Spring by Citi, the bank’s merchant platform. It will use Coinbase’s infrastructure to allow Citi’s enterprise customers to accept stablecoin payments at checkout. Coinbase will convert those stablecoins into fiat, while Citi will settle the proceeds for merchants. As a result, merchants will not need to hold or directly manage cryptocurrency.
Alec Lovett, Coinbase’s head of infrastructure product, said fintech companies using Coinbase have needed a compliant and scalable connection between fiat money and stablecoins. Debopama Sen, Citi’s head of payments and services, said the bank is focused on building payments infrastructure that works across traditional and digital payment instruments and networks.
Part of a wider digital-asset strategy
The new arrangement builds on an earlier agreement between the companies. Citi and Coinbase first announced last year that they would work together to improve digital-asset payment capabilities for institutional customers.
Citi has also been developing other blockchain-related products. Its Citi Token Services platform enables real-time cross-border payments using tokenized deposits. Last month, the bank said it would allow institutional investors to custody traditional assets and bitcoin within one framework later this year, rather than requiring separate systems.
The bank has additionally been working with Deutsche Bank, Goldman Sachs and Bank of America since last year to explore issuing a stablecoin product. The broader activity reflects how banks are examining blockchain technology as a way to support payment, custody and settlement services for customers interested in digital assets.
Moneyiar market picture
Moneyiar data at the stated times show Bitcoin at $83,820.0482, down 0.61% over 24 hours but up 3.20% over seven days, as of September 25, 2026, at 22:04 +03:30. Ethereum was $2,681.7029, down 0.13% in 24 hours and up 2.05% over seven days, as of 22:03.
The asset listed as Stable was priced at $0.0263507, down 0.32% over 24 hours and up 5.64% over seven days, as of 22:04. Monad was $0.0259234, up 3.26% over 24 hours and 3.03% over seven days, as of 22:03. These figures are market data supplied by Moneyiar and are separate from the Citi-Coinbase announcement.
