PNC Bank has launched incoming USDC stablecoin payment capabilities for eligible Corporate & Institutional Banking clients, expanding its relationship with Coinbase and introducing an additional payment option for businesses. The service enables corporate customers to receive blockchain-based payments that are automatically converted into U.S. dollars and deposited into their PNC bank accounts.
The solution uses Coinbase Payment products and operates on the Ethereum blockchain. USDC, a U.S. dollar-backed stablecoin, can be received by participating businesses and converted at a 1-to-1 rate into dollars, allowing companies to access stablecoin payment infrastructure without having to hold the digital assets in their deposit accounts.
PNC said the offering is intended to support faster access to funds, greater efficiency in cross-border transactions, and evolving corporate treasury requirements. It complements the bank’s existing faster payment capabilities and reflects continued investment in Treasury Management services.
The service is initially available through a limited pilot program for eligible corporate and institutional clients. PNC plans to use the program to help businesses evaluate how stablecoins could fit into their broader payment and treasury strategies.
The announcement also represents another step in PNC’s collaboration with Coinbase, whose digital asset infrastructure supports institutional cryptocurrency services and blockchain-based financial applications.
KEY QUOTES:
“Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners. This solution gives us an opportunity to support our customers with innovative capabilities, backed by the banking experience, risk management and expertise clients expect from PNC.”
Tom Lang, Head of Treasury Management Product and Operations, PNC Bank
“Stablecoins are modernizing how businesses move money by making payments faster, more efficient and more global. Our work with PNC shows how leading banks and trusted digital asset infrastructure come together to let corporate clients take advantage of this technology.”
Alec Lovett, Head of Infrastructure Products, Coinbase
