Citi Taps Coinbase to Explore Stablecoin Payments for Clients

Citigroup Inc. and Coinbase Global Inc. are teaming up to provide expanded digital-asset payment capabilities to the bank’s corporate clients, the latest instance of major Wall Street firms looking to the blockchain for innovation after years of warnings from regulators about the risks of the asset class.

The collaboration will initially focus on exploring making transferring out of crypto and into fiat currencies — and the reverse — easier for Citi’s institutional clients, including across borders.

Getting funds in and out of crypto apps and accounts has been a historical sticking point for both retail and institutional crypto users. While ...