Citi, Coinbase Expand Stablecoin Payments as Fed Proposes Rules, Holder Addresses Hit 305M

• Stablecoin payments are the focus of Citi and Coinbase’s reported expansion for corporate clients
• Token Terminal’s 305 million figure counts stablecoin-holding addresses, not individual users
• The Fed has proposed GENIUS Act rules covering issuer reserves and applications from supervised banks

Citi and Coinbase have spent nearly a year exploring stablecoin payments for businesses. Now, a new report says they are expanding that work, while the Fed considers rules for stablecoin issuers. A figure of 305 million stablecoin holders is also making the rounds, suggesting an enormous potential market.

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Citi Coinbase Partnership Turns Toward Stablecoin Payments

Latest reports revealed that Citi is expanding its work with Coinbase to support stablecoin payments for corporate clients. The companies have already laid some groundwork. Back in October 2025, Citi said their initial collaboration would focus on moving money between conventional bank accounts and digital assets. They also planned to explore ways to make stablecoin payouts available to Citi clients.

It should be noted that Citi’s earlier announcement described stablecoin payouts as an area to explore. It did not announce a completed rollout or identify which corporate clients would use one. The reported expansion suggests the partnership is moving further into payments, though the companies have yet to publish detailed terms for the new service.

Citi brings an extensive existing network to the effort. Its 2025 announcement said it connects to more than 300 payment clearing networks across 94 markets. Coinbase brings the digital asset infrastructure. The question for businesses is whether the combined service makes receiving or sending money easier than their current arrangements.

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Stablecoin Addresses Hit 305 Million as Fed Rules Take Shape

A recent chart this week puts stablecoin asset holders at roughly 305 million. Its asset holders metric counts addresses with a nonzero balance. Some people control several addresses, and one custodial address can hold funds for many customers. The figure therefore cannot tell us that 305 million people use stablecoins, or how many make payments with them.

Regulators are focused on a different measure of confidence. It focuses on whether a stablecoin can be redeemed. On September 24, the Federal Reserve proposed two sets of rules under the GENIUS Act. One would require Fed-supervised issuers to fully back their coins with permitted assets, including short-term Treasury bills. The other sets out how supervised banks would apply to issue them.

Currently, Citi’s corporate clients’ adoption figures may catch the eye. Dependable settlement and redemption will determine whether stablecoin payments become useful in practice.

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