Coinbase powers Citi’s new stablecoin rails, and corporate banking faces a major shift

Citi institutional clients can now accept stablecoin payments through Spring by Citi using Coinbase's payments infrastructure, Coinbase said on Sept. 28.The exchange also said its Virtual Accounts can automatically convert incoming fiat into stablecoins using Citi's Virtual Account Wallet. The announcement gives the companies' earlier digital asset payments partnership two defined uses, one for receiving stablecoins and the other for moving money received in a conventional currency into them.For Citi's institutional clients, the relevant service is Spring by Citi, as Coinbase supplies the infrastructure that enables stablecoin acceptance through it. A business using that route would begin with a stablecoin payment.Coinbase describes the capability as available now, but its announcement does not identify a client that has processed a payment through Spring or disclose how much has been transacted.Coinbase Virtual Accounts address the other side of the exchange between traditional money and stablecoins. Citi's Virtual Account Wallet powers the accounts, which Coinbase says give customers fiat wallets that automatically convert incoming fiat.The described flow starts with a traditiona...