PNC Bank tests turning USDC payments into dollar deposits
The pilot lets eligible corporate and institutional clients accept USDC on Ethereum, with each token converted to one US dollar before deposit.
PNC Bank, the eighth-largest bank in the United States by assets, has initiated a pilot program allowing corporate and institutional clients to receive USDC payments through Coinbase. These payments are converted into U.S. dollars before being deposited into designated PNC accounts, enabling businesses to accept stablecoins without holding them.
The pilot aims to expedite fund access and enhance cross-border payment efficiency. PNC declined to disclose fees, settlement-time benchmarks, or the number of participating clients. This initiative builds upon a partnership established in July 2025, where PNC agreed to offer cryptocurrency services through Coinbase while providing banking services to the exchange.
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