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Citigroup and Morgan Stanley expand blockchain and stablecoin integration
Major financial institutions are expanding their integration of blockchain technology and digital assets. Citigroup and Coinbase have launched a partnership in the United States that allows institutional clients to utilize stablecoin payments through the ‘Spring by Citi’ platform and Coinbase’s ‘Virtual Accounts’.
The service enables a dual-direction workflow: corporate clients can receive stablecoin payments that are automatically converted into fiat currency for settlement, while companies using Coinbase can hold accounts that automatically convert incoming fiat into stablecoins. This infrastructure aims to integrate stablecoin utility into traditional banking workflows without requiring clients to directly manage or hold crypto assets.
Separately, Morgan Stanley has established a digital asset lab to test blockchain-based tools. The lab focuses on exploring stablecoins, tokenization, and decentralized finance (DeFi) vaults. This initiative is designed to examine how blockchain technology can support payments and investment management within the bank’s existing innovation network, testing these technologies outside of core banking systems.
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- [● 2 SOURCES] Citigroup and Coinbase launched a service for US institutional clients that automates the conversion between stablecoins and US dollars. timestabloid.com · insidebitcoins.com
- [○ 1 SOURCE] Morgan Stanley is conducting its cryptocurrency testing outside of its core banking systems to manage risk. coindoo.com
- [○ 1 SOURCE] The service allows Citi business clients to accept stablecoin payments, such as USDC, without directly holding cryptocurrency. insidebitcoins.com
- [○ 1 SOURCE] Morgan Stanley established a digital asset lab to test stablecoins, tokenization, and decentralized finance (DeFi) vaults. coindoo.com
- [○ 1 SOURCE] Coinbase handles the conversion of stablecoins to dollars behind the scenes, which Citi then deposits as a standard payment. insidebitcoins.com