Cryptoupdated 18m ago2 min read
PNC Bank Pilots USDC Payments With Coinbase for Corporate and Institutional Clients
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PNC pilots USDC payments for corporate and institutional clients with Coinbase. Incoming USDC payments convert 1-to-1 to USD and deposit into PNC accounts.
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USDC pilot with Coinbase
PNC Bank is partnering with Coinbase to pilot a stablecoin payment service that lets eligible corporate and institutional clients receive payments in USDC, a U.S. dollar stablecoin issued by Circle. Reuters said the service will let eligible PNC clients receive payments in Circle's USDC stablecoin, which will then be automatically converted to US dollars.
The pilot lets eligible corporate and institutional clients accept USDC on Ethereum, with each token converted to one US dollar before deposit. PNC Bank did not disclose fees, settlement-time benchmarks or the number of participating clients, and it did not respond to Cointelegraph’s request for additional details by publication time.
How the conversion works
Coinbase Payment products handle the stablecoin leg while PNC provides the deposit account and treasury services, according to PNC’s announcement described in PR Newswire. The solution enables clients to receive USDC payments, which are automatically converted 1-to-1 to U.S. dollars and deposited into a designated PNC deposit account.
The pilot program will automatically convert incoming stablecoin payments into U.S. dollars at a 1-to-1 rate before depositing the funds into clients' designated PNC accounts. The service will automatically convert payments companies receive in USDC into U.S. dollars at a rate of $1 per USDC and deposit the funds into PNC accounts.
From trading to payments
Reuters said PNC last year tapped Coinbase to offer crypto trading to the bank's customers, using Coinbase's institutional "crypto-as-a-service" platform, and Reuters said PNC also said it would offer banking services to Coinbase. The companies first entered into a partnership in July 2025 and that, in December 2025, they introduced a service allowing eligible private banking clients to buy and sell Bitcoin directly from existing investment accounts.
The pilot builds on the July 2025 partnership and that it followed the launch of Bitcoin (BTC) trading for eligible PNC Private Bank clients in December. PNC’s move follows a similar initiative by Citi, which expanded its Coinbase partnership in September to enable institutional clients to accept stablecoin payments through its Spring by Citi platform, with Coinbase converting the payments into fiat currency.