Coinbase's planned Thunes connection would bring cross-border stablecoin payments to recipients' bank accounts and mobile wallets, while its separate Citigroup partnership focuses on how businesses accept payments.
The arrangement announced Oct. 19 assigns Coinbase the stablecoin infrastructure and Thunes the connections to domestic clearing systems and other local payment methods. Coinbase plans to add Thunes' Direct Global Network to its platform.
The Citigroup partnership addresses merchant payment services and conversion of stablecoin receipts into fiat currency. Separately, the Thunes plan focuses on routing cross-border payments to recipients' bank accounts and mobile wallets.
The companies identified supplier payments, gig worker payouts and remittances as intended uses. Thunes says its existing network supports payments across more than 140 countries and in more than 90 currencies. Those figures describe the wider network, rather than the reach of the proposed Coinbase integration.
The partners have not named the markets or currencies the connection would serve first. They have also not announced a launch date, transaction fees or financial terms.
