Citi has revealed a stablecoin payment and fiat-currency settlement structure linked to Coinbase.
The Defiant reported on Oct. 12 that the structure targets the U.S. market first and supports institutional merchants in receiving payments in fiat without holding digital assets.
Under the structure, the buyer can pay in stablecoins while the seller ultimately receives fiat currency. That allows institutional merchants to accept stablecoin payments without directly holding or managing cryptocurrencies.
Details disclosed so far are limited. No specific plan has yet been presented to expand beyond the United States. It has not been disclosed whether it will be formally launched or which tokens it will support.
Citi and Coinbase are emphasising that the payment and settlement structure prioritises the U.S. market.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr