Coinbase and Citigroup have just announced a partnership to develop a global payment system based on blockchain and stablecoin. Coinbase will provide technology to convert USD to stable tokens and vice versa, while Citi integrates into the enterprise payment system. The goal is to help organizations conduct cross-border transactions faster, cheaper, and operate 24/7 instead of relying on the traditional SWIFT system.
The project targets institutional customers, with expansion plans depending on the regulatory framework. However, the integration between banks and blockchain still faces challenges regarding safety, infrastructure, and regulatory compliance. The collaboration between Citi and Coinbase demonstrates that the lines between traditional finance and cryptocurrency are gradually blurring, as major banks accelerate the adoption of blockchain to avoid being left behind in the digital financial revolution.
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