PNC Partners with Coinbase to Launch USDC Payment Collection Service

November 9 — According to Reuters, PNC Bank announced a partnership with Coinbase to allow eligible corporate and institutional clients to receive payments in USDC, the stablecoin issued by Circle, with funds automatically converted to U.S. dollars upon arrival. The two parties said the service can help businesses receive their funds faster and accelerate cross-border transaction settlement. The service will initially be rolled out on a small scale as a pilot. Tom Lang, PNC's head of treasury management products and operations, said the goal at this stage is to test with clients and see which stablecoin features are useful to them. Last year, PNC already offered cryptocurrency trading to clients through Coinbase's "Crypto-as-a-Service" platform, and it also provides banking services to Coinbase.