PNC Bank Partners With Coinbase to Pilot USDC Stablecoin Payments for Corporate and Institutional Clients

PNC Bank, with roughly $627 billion in assets, is partnering with Coinbase to pilot USDC stablecoin payments for select corporate and institutional clients, the two companies announced on November 9. The arrangement will allow eligible PNC clients to receive payments in USDC, the dollar-pegged stablecoin co-developed by Coinbase and Circle Internet Financial.

The move represents an expansion of an existing crypto relationship between the two firms and marks one of the more concrete steps by a major U.S. bank to integrate stablecoin payments into its core client services. By settling transactions in USDC on-chain, PNC and Coinbase are targeting improvements in transaction speed and efficiency for the bank's corporate and institutional book.