Mentioned:
Citigroup wants in on the stablecoin business. And they’re partnering up with Coinbase to do it.
What’s happening:
- Coinbase (NASDAQ: COIN) and Citigroup (NYSE: C) have formed a new partnership to build new digital asset payment solutions for institutions and large companies
Why it matters:
- This is the first time Citigroup has formed a partnership with a crypto company to integrate stablecoins into their payment infrastructure
Going deeper:
- Citigroup's global payments network operates in more than 90 different markets globally
- Both Coinbase and Citigroup have publicly stated their partnership will initially focus on how to seamlessly convert fiat into digital assets and stablecoins
The intrigue:
- Payment giants have continued to ramp up their investment into leveraging stablecoins following the GENIUS Act being signed into federal law in the United States, including Stripe’s incubated stablecoin company Tempo just raising half a billion dollars in a new funding round led by Joshua Kushner’s Thrive Capital
