Odaily Planet Daily report: PNC Bank has announced a partnership with Coinbase, allowing eligible business and institutional clients to receive payments via USDC issued by Circle, with funds automatically converted to USD. The service will initially launch as a limited pilot, with Tom Lang, Head of PNC’s Funds Management Products and Operations, stating that the pilot aims to co-test stablecoin functionality with clients. Last year, PNC began offering cryptocurrency trading to its clients through Coinbase’s “Crypto-as-a-Service” platform and also provides banking services to Coinbase.
PNC and Coinbase Launch USDC Payment Service with Automatic USD Conversion
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Summary
PNC Bank and Coinbase have announced a partnership launching a new service that enables eligible business and institutional clients to receive payments in USDC. The stablecoin, issued by Circle, will be automatically converted to USD. The service is currently in a limited pilot phase as PNC tests stablecoin functionality with select clients. This partnership builds on PNC’s existing relationship with Coinbase, which includes offering crypto trading through the firm’s “Crypto as a Service” platform. The launch of this service represents another step in the integration of traditional finance with digital assets.
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