PNC Bank and Coinbase announced on Monday (9) a pilot program that will allow eligible corporate and institutional clients to receive USDC payments with automatic conversion into dollars. The initiative integrates the exchange's stablecoin payments infrastructure with PNC's banking services.
USDC is a stablecoin issued by Circle and pegged to the U.S. dollar. Under the new service, payments received in USDC will be converted at a one-to-one ratio and deposited directly into a designated bank account at PNC, allowing companies to use the funds in dollars without having to hold the amounts in crypto assets.
The operation will use Coinbase's payment APIs, responsible for the stablecoin receiving infrastructure, while PNC will provide the banking and treasury management services.
According to the companies, the integration could accelerate access to funds and make international transfers more efficient. These advantages, however, will still be evaluated during the experimental phase.
Service begins with access restricted to eligible clients
The functionality will initially be made available only to participants in a pilot program, without a general launch for all the bank's clients.
Tom Lang, responsible for products and treasury management operations at PNC, told Reuters that the initiative consists of “testing and learning from our clients”, identifying which stablecoin features offer concrete benefits to companies.
The announcement expands a partnership established in 2025, when PNC selected Coinbase's institutional platform to offer crypto asset trading to eligible clients of its wealth management division. At the time, the bank also announced that it would provide banking services to the exchange.
Unlike that initiative, which focused on access to digital asset trading, the new program focuses on receiving business payments and converting the amounts into traditional currency.
