Citigroup (C) has partnered with Coinbase Global (COIN) to enable institutional clients to accept stablecoin payments from customers, The Wall Street Journal reported Monday, citing the head of services at Citi.

Coinbase will provide the payment rails and blockchain technology to convert stablecoins into fiat currency, while Citi will settle the funds, it said.

The partnership will allow clients to accept, hold and pay funds through a bank-account-like vehicle, with incoming cash automatically converted into stablecoins, it added.

Citi and Coinbase did not immediately respond to MT Newswires' request for comment.

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