PNC pilots Coinbase-powered USDC payments for business clients

PNC Bank began offering eligible corporate and institutional clients incoming USDC payments on Nov. 9, with Coinbase providing the payment technology, the bank said in its announcement of the pilot. The service lets clients receive the dollar-backed stablecoin and have it converted into U.S. dollars for deposit at PNC.

How are USDC payments converted to dollars?

Incoming USDC is converted automatically at a one-to-one rate and deposited into a designated PNC account, according to the bank. The transfers run on the Ethereum blockchain and are powered by Coinbase Payment products, PNC said.

Coinbase’s account of the expanded partnership says its Payment APIs provide the stablecoin infrastructure, while PNC supplies banking and treasury management services. That arrangement lets participating businesses receive USDC while keeping the proceeds in a PNC deposit account.

Which PNC clients can use the service?

PNC is offering the service on a limited basis to eligible clients in its Corporate and Institutional Banking unit as part of a pilot, the bank said. It did not specify how many clients are eligible or how long the pilot will run.

What does PNC say the pilot is for?

PNC said the option is intended to give businesses another way to receive payments, alongside its existing faster-payment capabilities. The bank said stablecoin payments could provide faster access to funds and greater efficiency for cross-border transactions, but described the service as a way for clients to evaluate the technology within their treasury strategies.

Sources

• announcement of the pilot — pnc.mediaroom.com
• account of the expanded partnership — coinbase.com