Waterborne dispersions including crosslinkable multistage polymeric particles useful in coating compositions are provided. The multistage particles have a last-formed layer that includes a diketone functionality that is capable of crosslinking via a dihydrazide component also included in the dispersion. Another embodiment of the waterborne dispersion further includes crosslinkable latex particles having a diketone functionality that are capable of crosslinking with each other and/or the multistage particles via the dihydrazide component. An emulsion polymerization process for forming the multistage particles also is provided. Also provided are coating compositions that contain either embodiment of the waterborne dispersions.