Coinbase collaborates with Citi to build a stablecoin payment solution targeting institutions.

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Coinbase [Photo: Shutterstock] Coinbase [Photo: Shutterstock]

Coinbase has partnered with Citi to develop stablecoin-based payment solutions, as reported by The Block on the 27th ( local time ).

The two companies are exploring various collaboration options, including 'fiat to onchain stablecoin payout methods'.

Initially, they will focus on developing digital asset payment options for Citi's institutional clients. Specific details about the service launch will be shared in the coming months.

Brian Armstrong, CEO of Coinbase, stated, “There's no longer any debate. Cryptocurrencies and stablecoins are tools to upgrade the global financial system. Collaboration with Citi will be an opportunity to increase the utility of stablecoins and expand the adoption of digital assets.”

Brian Foster, head of Coinbase's 'Crypto as a Service', said, “Citi is a global partner operating over 300 payment networks in 94 countries. This collaboration will be a catalyst for payment innovation.”

Shahmir Khaliq, CEO of Citi's Services division, said, “Our goal is to help our global clients make payments as if there were no borders. Collaboration with Coinbase is a natural extension to realize this vision.”

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