PNC Bank launches USDC corporate payment pilot via Coinbase

PNC Bank, the eighth-largest U.S. bank by assets, has launched a limited pilot letting eligible corporate and institutional clients receive payments in USDC, powered by Coinbase Payment products on the Ethereum blockchain. Each stablecoin payment is converted 1-to-1 into dollars and deposited into the client's PNC account.

• The pilot covers incoming, not outgoing, payments for PNC's Corporate & Institutional Banking clients.
• It plugs a mainstream bank into stablecoin settlement rails, letting treasury clients accept USDC without holding the token on their balance sheets.

No details were disclosed on which clients are eligible, fees, or a timeline for expanding beyond the pilot.