Coinbase Teams Up with Citi to Increase Stablecoin Utility and Fiat to Crypto On-Ramps

Coinbase and Citigroup have announced a partnership focused on building the future of global payments. Firstly, they are exploring how to make digital assets easier to use for Citi’s institutional clients.

Secondly, they want to unlock the power of stablecoin payments by making them more integrated with the traditional banking system. And thirdly their plan is to increase the fiat on and off-ramps into and out of crypto.

By connecting a major global bank with one of the world’s leading crypto exchanges, the project should make it faster and cheaper for large businesses to move money across borders. We have already seen JP Morgan and PNC bank partner with Coinbase so it is clear that traditional banks are joining forces with crypto companies.

How Citi and Coinbase Plan to Streamline Global Payments with Stablecoins

Coinbase will provide the crypto technology that converts dollars into tokenized dollars and back, and Citi will plug that capability into its treasury and payments flows for institutional clients. 

For a company that needs to pay a supplier overseas, the flow could be: convert fiat to a stable token, move the token over the blockchain, then convert back to local currency at the destination, available 24 hours a day instead of only during bank hours. The partners say further details and specific products will be announced in the coming months.

This would be faster and cheaper than current banking processes like SWIFT once it is scaled globally. Cross-border payments could settle in minutes rather than days. You can see why banks are getting on board now, they don’t want to risk being left behind.

Currently this service is meant for large institutions, not individual retail users. Regulation will determine how widely it can expand and how quickly it gains traction.

Even Stablecoins Need Stable Infrastructure

New technology brings new risks. Stablecoin payments still rely on exchanges and custodians functioning properly. If any part of the network experiences a failure, delays or losses can occur. Integration between old banking systems and blockchain platforms is also complex and will take time.

Large financial institutions like Citi will demand controls, insurance, and effective systems before moving serious money through crypto payment channels. The more value that flows through these channels, the higher the stakes for reliability.

The Tension Between Regulation and Freedom in Crypto

Institutional systems like Citi’s partnership with Coinbase must comply with strict know-your-customer rules. This protects against money laundering but also means every participant must provide detailed identity verification. 

Many individual crypto holders prefer to retain more privacy and control. That is where non-custodial wallets come in. These wallets allow users to hold and move crypto directly without mandatory KYC, though they require users to handle their own security. Losing access keys means losing the assets permanently.

The Citi and Coinbase collaboration is a practical step toward integrating blockchain payment rails with traditional banking for large clients. It promises faster, around-the-clock corporate payments and wider stablecoin utility. 

At the same time, it highlights why individuals and institutions alike must balance convenience and self-custody as the line between banking and crypto continues to blur. Best Wallet sits at the center of this innovation, ensuring that users hold and manage their crypto directly – no third-party intermediary, no bank, no exchange!

It’s one of those few platforms that uphold the principles of financial privacy and freedom that many view as foundational to cryptocurrency. Its self-custodial design, for instance, empowers users to truly own their assets, ensuring that no one else, not even the developers, can access their wallets. 

The wallet also prioritizes user anonymity by not mandating KYC checks. Therefore, users can rest assured that their personal data as well as their transaction history, wallet balances, and other sensitive info stay more private. 

Security is further strengthened through its support for tools like encryption and privacy-focused features such as 2FA and biometric logins. These add extra layers of protection without sacrificing accessibility or convenience. 

Another major benefit of Best Wallet lies in its rich selection of trading features, ranging from fiat payments, portfolio management, staking, and on-chain trading to cross-chain swaps, iGaming perks, and a token launchpad, making it a fully integrated Web3 ecosystem. The token launchpad remains the most popular aspect of the wallet, featuring hot cryptocurrencies that are still in their pre-launch stages. 

Best Wallet’s seamless balance of functionality, security, and convenience has earned praise from several crypto-focused publications and YouTube channels, including 99Bitcoins.

Download Best Wallet 

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