PNC Bank is letting its Corporate & Institutional Banking (C&IB) clients receive USDC payments on Ethereum, powered by Coinbase Payment products, the bank announced. Each token is automatically converted to one US dollar and deposited into a designated PNC account, so businesses end up holding dollars, not stablecoins.
How it works
The service covers incoming payments. The client receives USDC on Ethereum, and PNC converts it 1-to-1 into US dollars and deposits the amount in the PNC deposit account the client designated.
Item | Detail |
|---|---|
Stablecoin accepted | USDC |
Network | Ethereum |
Conversion | Automatic, 1:1 to USD |
Destination | Designated PNC deposit account |
Infrastructure | Coinbase Payment products |
Direction | Incoming payments |
Who gets access
PNC is initially offering the service on a limited basis to eligible clients as part of a pilot program. It targets the bank's corporate and institutional clients.
The launch expands the existing relationship between PNC (NYSE: PNC) and Coinbase (NASDAQ: COIN) and is part of the bank's investment in its Treasury Management capabilities. PNC positions it as a complement to the faster payments options it already offers, within a broader range of immediate payment options.
The bank says that as stablecoin use evolves, it wants to help clients understand and evaluate emerging payment technologies and how they fit within their treasury strategies.
What PNC and Coinbase say
"Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners," said Tom Lang, head of Treasury Management Product and Operations at PNC Bank. He added that the solution is "backed by the banking experience, risk management and expertise clients expect from PNC."
"Stablecoins are modernizing how businesses move money by making payments faster, more efficient and more global," said Alec Lovett, head of Infrastructure Products at Coinbase. According to him, the work with PNC shows how leading banks and digital asset infrastructure can come together for corporate clients.
What it means for you
If your company is a PNC C&IB client admitted to the pilot, you can get paid by counterparties in USDC and receive dollars in your account, without managing wallets or conversions yourself. PNC lists three benefits:
- Faster access to funds
- Greater efficiency for cross-border transactions
- Continued access to PNC's banking services alongside stablecoin payments