KEY POINTS
- PNC Bank launched a limited pilot letting eligible corporate and institutional clients receive USDC payments through Coinbase.
- Each USDC token received on Ethereum is converted into one US dollar and deposited into a designated PNC account.
- PNC did not disclose fees, settlement-time benchmarks or the number of clients taking part.
PNC Bank, the eighth-largest bank in the United States by assets, has started a limited pilot that allows some of its corporate and institutional clients to receive payments in the USDC stablecoin, Cointelegraph reported. The service runs through Coinbase.
Under the pilot, eligible clients can accept USDC on the Ethereum network using Coinbase Payments products. USDC is a stablecoin backed by US dollars and issued by Circle. Each token received is automatically exchanged for one US dollar, and the money is then deposited into a designated PNC account.
