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Morning Minute: Citi and Coinbase Just Made Stablecoins Invisible

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TL;DR

Plus, crypto majors rebound as oil and yields fall and Saylor’s Strategy returns to buying Bitcoin.

Morning Minute is a daily newsletter written by Tyler Warner . The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And c heck out our daily news show 'FOMO HOUR' covering all of the top stories and market action.

Sep 22 Sep 24 Sep 26 Sep 27 Sep 29 $87.2k $85.7k $84.2k $82.7k 24h High High $84,275 24h Low Low $82,721 Vol Vol $1.3B Market projections Odds by Myriad Today $84,000 to $86,000 $84k–$86k 62 % chance This week Above $84,000 Above $84k 53 % chance This month $84,000 to $86,000 $84k–$86k 62 % chance → Buy Bitcoin with USDT Powered by Jupiter $ 50 $ 100 $ 500 Buy Price data by CoinGecko CoinGecko More Bitcoin news and projections → 🏦 Citi and Coinbase Just Made Stablecoins Invisible

Big companies that bank with Citi can now let their customers pay in stablecoins . 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.

It works both ways. 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.

Citi’s customers get paid in stablecoins and receive dollars. Coinbase’s customers get paid in dollars and receive stablecoins. Whoever you bank with, the money arrives in the form you already use, and the conversion happens where you can’t see it.

This is how the technology actually wins, when it’s behind the scenes. Nobody buys a coin. Nobody downloads a wallet. A company adds a payment option, and somewhere in the plumbing a stablecoin moves in seconds instead of a wire taking two days. Coinbase says more than 150 million people worldwide hold stablecoins, and this is a way to accept money from all of them without joining their world. Soon that number will be in the billions…

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