PNC Tests Stablecoin Payments for Business Customers

PNC Bank is testing a service that lets eligible corporate and institutional customers receive payments in USDC, a U.S. dollar-backed stablecoin, through its partnership with Coinbase.

The bank said incoming USDC payments on the Ethereum blockchain are automatically converted one-for-one into U.S. dollars and deposited into the client's designated PNC account. The pilot does not require those clients to keep the payment in cryptocurrency.

PNC is initially offering the service on a limited basis to eligible Corporate & Institutional Banking clients. The announcement is not a general rollout for retail banking customers.

The bank said the service is intended to offer businesses another way to receive payments, including cross-border transactions. It did not announce a general availability date, publish pricing or promise a specific settlement time in the release.

The pilot expands PNC's existing relationship with Coinbase as banks evaluate how stablecoins may fit into business treasury services.