- PNC launched a limited pilot for eligible corporate and institutional clients to receive USDC payments through Coinbase.
- The service accepts USDC on Ethereum and converts each token into one US dollar before deposit into designated PNC accounts.
- PNC said the pilot is meant to improve access to funds and support cross-border payment efficiency.
PNC Bank has begun testing a service that lets eligible corporate and institutional clients receive stablecoin payments without keeping the crypto themselves. Through PNC USDC payments, clients can accept USDC on Ethereum using Coinbase Payments products, and each payment is automatically converted into US dollars before reaching a designated PNC account. PNC said the pilot is designed to speed up access to funds and make cross-border payments more efficient. The bank did not disclose fees, settlement-time benchmarks or how many clients are taking part in the limited test.
PNC USDC payments pilot
PNC, which the source describes as the eighth-largest US bank by assets, said the pilot is available to eligible corporate and institutional clients. The program focuses on payment acceptance rather than on giving clients direct exposure to holding stablecoins after a transaction is completed.
Under the PNC USDC payments setup, clients receive payments in USDC through Coinbase. The bank said this allows businesses to work with a stablecoin payment flow while still ending up with dollar deposits in their PNC accounts instead of digital tokens on their balance sheets.
How PNC USDC payments work
The service accepts USDC on Ethereum through Coinbase Payments products. USDC is described in the source as a US dollar-backed stablecoin issued by Circle, and in this pilot each token is converted into one US dollar before the funds are deposited.
That structure means the crypto asset is used in the payment process, but the final result for the client is cash in a bank account. PNC said this approach is intended to improve access to funds and help with cross-border payment efficiency, though the bank did not share timing benchmarks or pricing details.
PNC USDC payments build on Coinbase tie up
The new pilot extends a broader relationship between PNC and Coinbase that was announced in July 2025. At that time, PNC said it would provide cryptocurrency services through Coinbase infrastructure while also offering banking services to the exchange.
That partnership later led to Bitcoin trading for eligible PNC Private Bank clients in December. The latest move adds stablecoin payment acceptance to the relationship, showing how the two companies are applying the existing partnership to another financial service area.
Banks expand stablecoin payment services
PNC’s pilot follows a similar step by Citi. In September, Citi expanded its own Coinbase partnership to let institutional clients accept stablecoin payments through its Spring by Citi platform, with Coinbase converting those payments into fiat currency.
The source also places the pilot in the wider stablecoin market. According to DefiLlama data cited in the report, USDC had a market capitalization of $70.5 billion, making it the second-largest stablecoin behind Tether’s USDT at $176.8 billion, while the total stablecoin market stood at about $290.8 billion on Monday.
Conclusion
PNC USDC payments mark a limited test that connects stablecoin transactions with traditional bank deposits for eligible corporate and institutional clients. By accepting USDC on Ethereum through Coinbase and converting each token into one US dollar before deposit, PNC is offering a way for businesses to receive stablecoin-based payments without holding the asset. The bank said the service could improve access to funds and make cross-border payments more efficient, but it has not released details on fees, settlement timing or the size of the pilot. The effort also builds on PNC’s existing partnership with Coinbase first announced in 2025.
Disclaimer
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