On September 28, Citi announced an expansion of its partnership with Coinbase, which began in October 2025. This new initiative will allow institutional clients of Citi to accept payments in stablecoins via the bank's Spring platform, eliminating the need to store digital assets directly. Under this arrangement, Coinbase will convert cryptocurrencies into fiat currency, while Citi will credit the merchant as the settlement bank. Coinbase estimates a potential market of 150 million stablecoin holders. Additionally, Coinbase has selected Citi's Virtual Account Wallet service for its virtual accounts, ensuring that incoming fiat payments are automatically converted into stablecoins. Initially, these services will be available in the United States.