PNC to offer stablecoin payments to clients in Coinbase partnership

PNC Bank and Coinbase are piloting a service that lets eligible corporate and institutional clients receive payments in Circle’s USDC stablecoin, which is automatically converted into US dollars. The companies say the service could give businesses quicker access to funds and speed up cross-border transactions, as stablecoins can be transferred almost instantly.

The service will initially be available to a limited group of clients while PNC and Coinbase assess its benefits. PNC said the pilot is a chance to test the technology with customers; the bank had previously partnered with Coinbase on crypto trading and said it would provide banking services to the exchange. Coinbase described the arrangement as part of a wider convergence between traditional finance and crypto infrastructure.