Coinbase and PNC Bank have expanded their partnership to enable corporate and institutional banking clients to receive payments in USDC, a dollar-backed stablecoin, through a new pilot program. The initiative, announced today, builds on an earlier collaboration that provided eligible PNC Private Bank clients with access to digital asset trading capabilities.
- Payment Asset: USDC stablecoin
- Conversion Rate: Automatic 1-to-1 conversion to U.S. dollars
- Deposit Destination: Designated PNC deposit account
- Infrastructure Provider: Coinbase Payment APIs
Eligible clients participating in the pilot can receive USDC payments that are automatically converted at a 1-to-1 ratio into U.S. dollars and deposited into a designated PNC account. Coinbase provides the stablecoin payment infrastructure, while PNC contributes its banking services, treasury management capabilities, and experience serving corporate and institutional clients. The offering complements PNC’s existing faster-payment capabilities, providing clients with an additional payment acceptance channel.
The partnership addresses a critical gap in corporate stablecoin adoption: the ability to accept such payments and seamlessly integrate them into traditional banking operations. Businesses exploring stablecoins need not only to receive payments but also to bridge those funds into their established banking workflows. This pilot enables clients to do both while maintaining their relationship with PNC for fund management.
The collaboration demonstrates how traditional banks can integrate stablecoin capabilities into existing service offerings using blockchain infrastructure partners. The initiative highlights potential benefits for businesses, including faster access to funds and improved efficiency for cross-border transactions. Coinbase, a major cryptocurrency exchange and infrastructure provider, operates Coinbase Prime, its institutional digital asset platform.
