Key facts
- Citi and Coinbase are partnering to integrate stablecoins into Citi's payment systems for business clients.
- The partnership allows businesses to accept payments in stablecoins without direct crypto involvement.
- Coinbase will convert stablecoins to dollars, and Citi will deposit the funds as regular payments.
- Companies on Coinbase can now access bank-like accounts powered by Citi's software.
- The integration aims to make stablecoin transactions seamless and invisible to users.
- Coinbase teased a new gacha product for its app.
Citi is integrating stablecoin payments for its business clients through a partnership with Coinbase, aiming to make the technology invisible to users and businesses. The collaboration allows Citi's clients to accept payments in stablecoins, with Coinbase handling the conversion to dollars behind the scenes. This means businesses do not need to engage directly with cryptocurrency, and customers receive funds in their preferred format.
For companies building on Coinbase, the partnership offers bank-like accounts powered by Citi's banking software. Dollars deposited are automatically converted into stablecoins, and vice versa, ensuring that users receive money in the form they are accustomed to. This approach seeks to drive adoption by embedding stablecoins into existing financial workflows.
In broader market news, major cryptocurrencies saw a rebound of 1-3%, with Bitcoin trading around $84.4k and Ethereum at $2,730. Oil prices fell 4% to $92, while gold remained steady. Stock futures showed slight gains. Separately, Goldman Sachs made its $100 billion Treasury fund available to crypto firms via the Lynq settlement network. NEAR Intents reported turning away over $50 million in funds linked to a Bitget hack and freezing approximately $503,000 mid-swap. Chainlink launched CCIP 2.0, enhancing security for cross-blockchain transfers. A report by Senate Democrats identified Tether as a significant financial lifeline for Iran, with 84% of sanctioned wallets using USDT, though Tether stated it helped freeze nearly $550 million in Iran-linked tokens this year. Analyst Torsten Slok warned that AI agents could potentially drain bank deposits by moving cash to higher-yield accounts.