PNC Bank tests turning USDC payments into dollar deposits
Summary
PNC Bank has launched a limited pilot allowing eligible corporate and institutional clients to receive USDC payments through Coinbase. The Ethereum-based USDC payments are automatically converted into dollars and deposited into clients’ PNC accounts, so businesses need not hold stablecoins. PNC says the service could speed access to funds and improve cross-border payments, but has not disclosed fees, settlement times or the number of participants. The pilot extends PNC’s 2025 partnership with Coinbase, which also enabled Bitcoin trading for eligible private-bank clients. Citi has introduced a similar stablecoin-payment service for institutional clients.
