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Coinbase and PNC Bank introduce USDC-to-USD payment pilot for eligible corporate clients
Coinbase announced that eligible PNC corporate clients can now receive payments in USDC stablecoin, which are automatically converted into U.S. dollars and deposited into their PNC accounts as part of a limited pilot initiative.
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Coinbase and PNC Bank have launched a pilot initiative that allows eligible PNC corporate and institutional clients to receive payments in the USDC stablecoin, which are then automatically converted to U.S. dollars and deposited into their PNC accounts. According to the announcement, this service aims to expedite fund availability and improve the speed of cross-border transactions by utilizing the near-instant transfer capabilities of stablecoins, while testing how such features may be integrated within traditional banking operations. The pilot reflects a continuing exploration by financial institutions of stablecoin-based payment infrastructure, and builds upon the existing partnership between PNC and Coinbase, which includes prior integration of crypto trading and related services.
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Coinbase is a cryptocurrency exchange recognized for its accessibility to novice traders, offering a wide selection of cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Ripple. The platform supports both web and mobile app interfaces, provides offline storage of assets, and features analytical resources and training programs that enable users to develop their knowledge of the crypto market. More details about the broker and its services can be found in the broker profile on Traders Union.
For context, you can read our earlier news about Coinbase receiving a full federal trust bank charter, which allowed the broker to expand regulated digital asset custody and payment services. See the previous Coinbase update on Traders Union here.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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