Morning Minute: Citi and Coinbase Just Made Stablecoins Invisible

What happened

Citi’s customers get paid in stablecoins (a digital token meant to hold a fixed value, usually one dollar) and receive dollars. Whoever you bank with, the money arrives in the form you already use, and the conversion happens where you can’t see it.

Plus, crypto majors rebound as oil and yields fall and Saylor’s Strategy returns to buying Bitcoin. Decrypt News Opinion Morning Minute: Citi and Coinbase Just Made Stablecoins Invisible Plus, crypto majors rebound as oil and yields fall and Saylor’s Strategy returns to buying Bitcoin. Coinbase is a Bitcoin and cryptocurrency company based in San Francisco.

The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. The company never holds a token, never opens a crypto account, and never sees a wallet address.

Coinbase turns the stablecoins into dollars behind the scenes, and Citi deposits the money like any other payment. That’s the whole product, and the point is what’s missing from it.

There’s no crypto part for the business to learn. Companies building on Coinbase can now open accounts that behave like bank accounts, powered by Citi’s banking software. Dollars that come in get turned into stablecoins automatically.