$TRB $DOT $FF Citi’s move here: stablecoins have truly started flowing into the banking payment backbone.
According to a Sept. 28 report by The Wall Street Journal, Citi is expanding its partnership with Coinbase so that enterprise customers can pay using stablecoins. The focus isn’t on “supporting crypto.” Instead, enterprises don’t have to build their own wallets, manage on-chain assets, or do constant back-and-forth conversions. Customers pay with stablecoins; Coinbase runs the blockchain and the conversions in the background, while Citi brings the transactions back into traditional accounting and clearing. On-chain work happens behind the scenes; bank accounts are what customers see on the front end.
The partnership was announced last October. It started with deposits/withdrawals and now is moving into the enterprise payments use case.
Don’t hype it as the first case in the world, either. PNC, JPMorgan, and Nium have all done something in this direction. JPMorgan’s approach tokenizes bank deposits; Citi’s approach is bringing stablecoins back into the banking system. The paths are different. Citi’s strength is its scale: 94 markets and more than 300 clearing networks—followed by a heavy load of multinational enterprise customers.
What’s even more interesting is that Citi itself also has Citi Token Services, and it hasn’t given up on tokenized deposits either. Stablecoins and tokenized deposits—two legs, both used.
Coinbase is also increasingly looking less like an exchange and more like a digital asset infrastructure provider.
In one sentence: stablecoins are no longer just “mixing” in the crypto圈—they’re starting to squeeze their way into the global enterprise banking payment backbone.
#稳定币 #花旗 #coinbase
According to a Sept. 28 report by The Wall Street Journal, Citi is expanding its partnership with Coinbase so that enterprise customers can pay using stablecoins. The focus isn’t on “supporting crypto.” Instead, enterprises don’t have to build their own wallets, manage on-chain assets, or do constant back-and-forth conversions. Customers pay with stablecoins; Coinbase runs the blockchain and the conversions in the background, while Citi brings the transactions back into traditional accounting and clearing. On-chain work happens behind the scenes; bank accounts are what customers see on the front end.
The partnership was announced last October. It started with deposits/withdrawals and now is moving into the enterprise payments use case.
Don’t hype it as the first case in the world, either. PNC, JPMorgan, and Nium have all done something in this direction. JPMorgan’s approach tokenizes bank deposits; Citi’s approach is bringing stablecoins back into the banking system. The paths are different. Citi’s strength is its scale: 94 markets and more than 300 clearing networks—followed by a heavy load of multinational enterprise customers.
What’s even more interesting is that Citi itself also has Citi Token Services, and it hasn’t given up on tokenized deposits either. Stablecoins and tokenized deposits—two legs, both used.
Coinbase is also increasingly looking less like an exchange and more like a digital asset infrastructure provider.
In one sentence: stablecoins are no longer just “mixing” in the crypto圈—they’re starting to squeeze their way into the global enterprise banking payment backbone.
#稳定币 #花旗 #coinbase
