PNC Bank says it has begun making incoming USDC stablecoin payments available to eligible corporate and institutional banking clients, with the service powered by Coinbase payments products on the Ethereum blockchain.
Coinbase Payments, offered by the crypto exchange Coinbase, is a stablecoin payment solution built for commerce platforms. Under the PNC arrangement, incoming USDC payments are converted automatically 1-to-1 into US dollars and deposited into a designated PNC account.
Pilot program and intended benefits
PNC is initially offering the service on a limited basis to eligible clients as part of a pilot program. The bank says the capability is intended to give businesses faster access to funds and greater efficiency on cross-border transactions.
The initiative builds on PNC’s existing relationship with Coinbase.
Executive comments
Tom Lang, head of Treasury Management Product and Operations at PNC Bank, said: “Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners. This solution gives us an opportunity to support our customers with innovative capabilities, backed by the banking experience, risk management and expertise clients expect from PNC.”
Alec Lovett, head of Infrastructure Products at Coinbase, said: “Stablecoins are modernizing how businesses move money by making payments faster, more efficient and more global. Our work with PNC shows how leading banks and trusted digital asset infrastructure come together to let corporate clients take advantage of this technology.”
