- PNC Bank is expanding its partnership with Coinbase to allow eligible corporate and institutional clients to receive payments in the USDC stablecoin.
- The new service will automatically convert incoming USDC payments into U.S. dollars at a 1-to-1 rate before depositing funds into customers’ PNC bank accounts.
- The pilot program builds on the companies’ existing partnership as Coinbase continues expanding stablecoin payment infrastructure across the banking industry.
PNC Bank has announced an expansion of its partnership with cryptocurrency exchange Coinbase, introducing a new stablecoin payment service for corporate and institutional customers.
According to a Monday announcement, the bank will allow eligible business clients to receive payments in USDC through a pilot program.
The service automatically converts incoming USDC into U.S. dollars before depositing the funds into designated PNC accounts.
The initiative combines Coinbase’s blockchain payment infrastructure with PNC’s existing banking and treasury management services.
It represents another step toward integrating stablecoins into traditional financial operations.
PNC Bank Introduces USDC Payment Acceptance
The new service is designed to help businesses accept cryptocurrency-based payments without needing to directly manage digital assets.
Through the pilot, eligible corporate and institutional clients can receive USDC payments using Coinbase Payment APIs.
Once a payment is received, the stablecoin is automatically converted into U.S. dollars at a 1-to-1 rate.
The converted funds are then deposited into the customer’s designated PNC bank account.
This structure allows businesses to use stablecoin payment infrastructure while continuing to manage their finances in traditional dollars.
PNC said the offering will complement its existing faster-payment services for corporate clients.
Stablecoin payments can provide additional flexibility for businesses handling digital transactions, particularly when transferring funds outside conventional banking hours.
However, the service remains in its pilot phase, and broader availability has not yet been announced.
Coinbase and PNC Expand Existing Crypto Partnership
PNC and Coinbase first announced their partnership in July 2025.
Under the original agreement, PNC planned to use Coinbase’s Crypto-as-a-Service platform while providing selected banking services to the cryptocurrency exchange.
The relationship expanded in December 2025 when PNC introduced spot Bitcoin trading for eligible private banking customers.
That service allows qualifying clients to buy and sell Bitcoin directly through their existing investment accounts.
The latest USDC payment pilot extends the partnership beyond cryptocurrency investing into business payments and treasury operations.
Rather than requiring customers to hold stablecoins, PNC’s new offering focuses on converting digital payments into traditional bank deposits.
This approach could make blockchain-based payments more accessible to companies that prefer to maintain their existing banking arrangements.
Coinbase Expands Stablecoin Services Across U.S. Banks
Coinbase has been developing similar payment infrastructure with other major financial institutions.
In September, the exchange expanded its partnership with Citi to connect traditional fiat payment systems with stablecoin transactions.
The arrangement allows Coinbase customers to use Citi’s Virtual Account Wallet to receive and manage fiat payments, including automatic conversion into stablecoins.
Citi’s institutional clients can also accept stablecoin payments through its Spring platform, with Coinbase providing infrastructure for conversion into fiat currency.
Coinbase has also partnered with payments technology company Moov to expand stablecoin services for smaller financial institutions.
That initiative aims to bring stablecoin acceptance, settlement and real-time funding capabilities to systems serving more than 1,000 community banks and credit unions.
These partnerships highlight growing interest among traditional financial institutions in using blockchain technology for payments.
For PNC, the next development will be evaluating the performance of its USDC pilot and determining whether to expand access to additional corporate customers.
The initiative could also provide insight into how stablecoins may become integrated into everyday business banking and treasury management.
