PNC Bank has launched a limited pilot program enabling eligible corporate and institutional clients to receive payments in USD Coin (USDC) through Coinbase. The initiative automatically converts the stablecoin payments into US dollars, which are then deposited directly into designated PNC accounts.
The pilot accepts USDC on the Ethereum blockchain using Coinbase Payments products. This structure allows businesses to accept stablecoin transfers without holding digital assets on their balance sheets. PNC, the eighth-largest US bank by assets, stated that the service aims to speed up access to funds and improve efficiency for cross-border payments.
The bank did not disclose fees, specific settlement-time benchmarks or the number of participating clients in the initial phase. PNC did not respond to requests for additional details by publication time.
Expansion of existing partnership
This development builds on a strategic partnership established in July 2025, when PNC agreed to offer cryptocurrency services through Coinbase’s infrastructure while providing banking services to the exchange. That collaboration previously led to the launch of Bitcoin trading for eligible PNC Private Bank clients in December.
PNC’s move follows a similar initiative by Citi, which expanded its own partnership with Coinbase in September. Citi enabled institutional clients to accept stablecoin payments through its Spring by Citi platform, with Coinbase handling the conversion to fiat currency.
USDC, issued by Circle, is the second-largest stablecoin by market capitalization at $70.5 billion, behind Tether’s USDT at $176.8 billion, according to DefiLlama data. The total stablecoin market stood at approximately $290.8 billion on Monday.
