PNC Bank (NYSE: $PNC) is working with crypto exchange Coinbase Global (NASDAQ: $COIN) to allow corporate and institutional clients to receive payments in stablecoins.

Under the partnership, eligible PNC clients will be able to receive payments in Circle's (NYSE: $CRCL) USDC (CRYPTO: $USDC) stablecoin, which will automatically be converted into US dollars, Reuters reported on Monday.

The service is expected to give businesses faster access to funds and reduce delays in cross-border transactions, where traditional payment systems can take several days to settle.

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The companies said the service will initially launch as a limited pilot, allowing PNC to test the technology with selected clients and assess its practical benefits.

"Right now, this is about testing and learning with our clients and helping explore which of those potential features of the stablecoin are a benefit," Tom Lang, PNC's head of treasury management product and operations, told the outlet.

In July 2025, PNC selected Coinbase to provide crypto trading services to its customers through the exchange's institutional crypto-as-a-service platform. PNC also said at the time that it would provide banking services to Coinbase.

Today, Coinbase also revealed that it has received approval from the US Office of the Comptroller of the Currency (OCC) to operate as a federally chartered trust bank, allowing it to expand into institutional custody and payment services.

However, the approval does not permit the crypto exchange to accept consumer deposits or issue loans like a traditional bank.

PNC Bank shares are currently trading at $230.05, up 2.07% today. Meanwhile, Coinbase shares are currently trading at $136.81, up 1.52% today.