• PNC's Corporate and Institutional Banking clients in a limited pilot can receive USDC, which Coinbase converts 1-to-1 into dollars deposited at PNC [1][2].
  • The payments run on Ethereum and Coinbase Payment APIs; PNC supplies the deposit account and treasury services [2][3].
  • No participants, pricing or wider rollout date were disclosed [2][3].

PNC Bank is piloting USDC payment acceptance for eligible clients of its Corporate and Institutional Banking unit, using technology from Coinbase, the two companies said on Monday [1][2]. Incoming USDC is converted 1-to-1 into U.S. dollars and deposited into a designated PNC deposit account, so the client ends up holding dollars, not stablecoins [1][3].

Coinbase's Payment APIs handle the stablecoin leg, and the USDC moves on Ethereum, according to PNC's release [2][3]. PNC provides the bank account, treasury management services and the client relationship. The bank pitches the service as an addition to the faster-payment options its corporate clients already have, with faster access to funds and cheaper cross-border transfers as the stated benefits [1][3]. Neither company has published settlement times or transaction volumes [3].

"Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners," said Tom Lang, PNC's head of Treasury Management Product and Operations [2].

From bitcoin trading to treasury payments

The pilot extends a partnership the companies announced in July 2025, under which PNC agreed to provide banking services to Coinbase and to use Coinbase's Crypto-as-a-Service platform [1][2]. In December 2025, PNC began offering spot bitcoin trading to eligible PNC Private Bank clients through that platform [1][3]. The new service moves the relationship from wealth clients holding bitcoin to corporate clients receiving payments that land as dollar deposits [3].

Coinbase has been signing similar bank deals. In September it expanded its partnership with Citi, letting Citi's institutional clients accept stablecoin payments that Coinbase converts to fiat for settlement, and earlier this year it partnered with payments firm Moov to bring stablecoin acceptance to systems used by more than 1,000 community banks and credit unions [1]. Coinbase recently won full OCC approval for its national trust bank (MLQ coverage).

PNC has not said which clients are in the pilot, what it charges, or when the service will open to more customers [2][3].

Companies mentioned

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