PNC launches incoming USDC payments for corporate clients with Coinbase

PNC Bank is offering incoming stablecoin payments to its Corporate & Institutional Banking clients, working with Coinbase through Coinbase Payment products. The service starts as a pilot for eligible clients; its duration and client count were not disclosed.

Clients receive USDC on Ethereum. Each payment is converted to US dollars at 1:1 and deposited in a designated PNC deposit account. PNC says the service brings faster access to funds and greater efficiency for cross-border transactions, and complements its faster payments capabilities and ongoing investment in Treasury Management.

Tom Lang, head of Treasury Management Product and Operations at PNC, said clients are continually looking at new ways to transact with customers, suppliers and business partners. Alec Lovett, head of Infrastructure Products at Coinbase, said the work shows how leading banks and trusted digital asset infrastructure come together.