Crypto Market Update: Citi Partners With Coinbase on Stablecoins
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrencymarket news
Here's a quick recap of the crypto landscape for Monday (September 28) as of 10:00 a.m. UTC.
Bitcoin price update
Bitcoin (BTC) was priced at US$82,630.38, trading two percent lower over the past 24 hours.
Bitcoin price chart
Chart via the Investing News Network
Bitcoin price performance, September 28, 2026.
Ether and altcoin price update
Bitcoin price performance, August 19, 2026.
- Ethereum (ETH) was priced at US$2,640.60, trading 1.4 percent lower over the last 24 hours.
- XRP (XRP) was priced at US$1.48, down 2.1 percent over the past 24 hours.
- Solana (SOL) was trading at US$117.69, trading 3.7 percent lower over the past 24 hours.
Today's crypto news to know
Citigroup, Coinbase partner on corporate stablecoin payments
Citigroup (NYSE:C) partnered with Coinbase Global (NASDAQ:COIN) to allow its institutional clients to accept stablecoin payments from retail customers, a Wall Street Journal exclusive reported.
Coinbase supplies the underlying blockchain technology and payment rails that automatically convert stablecoins into fiat currency before Citigroup settles the transactions as the bank of record.
The partnership builds on an initial October 2025 collaboration between the two financial firms that streamlined fiat pay-ins and pay-outs across global networks.
Merchants can hold incoming funds at Coinbase in bank-account-like vehicles that earn an annual interest-like reward rate of 3.75 percent.
The move expands an October 2025 collaboration where the two firms joined forces to streamline fiat pay-ins and pay-outs for Coinbase's on/off-ramps.
Citigroup concurrently expanded its proprietary Citi Token Services network to Japan and the United Arab Emirates (UAE), bringing its live blockchain infrastructure footprint to seven global jurisdictions.
Bitget begins phased withdrawal restorations following hack
Cryptocurrency exchange Bitget began restoring user withdrawal services on September 28 following a major security breach that compromised US$387.5 million in digital assets.
The exchange suspended all withdrawal activity on September 24 after detecting unauthorized transfers from "some of our hot wallets."
Bitget CEO Gracy Chen confirmed that emergency protocols contained the breach and that the exchange's US$464 million User Protection Fund will fully cover all lost assets. The exchange initiated its phased rollout with Bitcoin network withdrawals at 08:00 UTC on September 28, with Ethereum following on September 29 and Tether on September 30.
Bitget expects to fully restore all remaining assets, fiat services, and peer-to-peer trading operations by October 2.
The phased rollout allows Bitget to resume withdrawal services in an orderly manner following the incident. The same approach applies consistently across users without preference," the company outlined in a statement.
Ethena, Binance partners to back USDe stablecoin
Ethena announced a partnership with Binance to expand the delta-neutral basis trade backing its USDe stablecoin into tokenized equity markets.
The strategic expansion allows Ethena to execute basis trades across tokenized stocks and equity perpetual futures, expanding its underlying target market from US$2.5 trillion in crypto assets to over $US150 trillion in real-world assets.
Binance provides both tokenized spot stock collateral through bStocks and USDT-denominated equity perpetual contracts on a single trading venue.
The exchange offers eligible delta-neutral accounts like Ethena lower priority under its auto-deleveraging system, reducing liquidation risks during periods of market volatility.
Ethena will activate its protocol fee switch to direct a portion of system revenue toward ENA token buybacks once USDe achieves a US$7.5 billion 14-day average supply.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
