Shares in the financial sector pulled back among another rise in Treasury yields to multiyear highs.

Citigroup taps crypto company Coinbase Global to help the bank's big clients take stablecoin payments from customers. It is the latest sign that efforts to connect traditional banking and the alternative financial system that powers cryptocurrencies are pushing ahead despite a recent setback for the crypto industry in Washington.Cryptocurrencies such as bitcoin haven't become widely used in day-to-day payments. But consumer and business payments are a potential growth area for stablecoins that are designed to digitally represent traditional currencies like the U.S. dollar. Citi's institutional clients, including large multinational corporations, will be able to accept stablecoin payments from their customers at checkout through Citi's merchant-processing services. Coinbase will supply the stablecoin payment rails and underlying blockchain technology that automatically converts the digital currency into government-issued currency, and Citi will settle the funds as the bank of record.