PNC Bank Lets Corporate Clients Accept USDC Payments in New Coinbase-Powered Pilot
By Unchained
AI summary of the source article
PNC Bank has launched a pilot program allowing eligible corporate clients to accept USDC payments. Powered by Coinbase's Payment APIs, received tokens are automatically converted 1-to-1 into U.S. dollars and deposited into PNC accounts.
Why it matters
Coinbase states the benefits for businesses are "getting at their money sooner and moving funds across borders more efficiently," while framing the pilot as "a template for how other banks could add stablecoins to services they already offer."
Key facts
- PNC Bank opened a pilot enabling eligible Corporate and Institutional Banking clients to receive payments in USDC.
- Coinbase provides the Payment APIs to process the stablecoins on the Ethereum blockchain, which are automatically converted 1-to-1 into dollars.
- PNC supplies the bank accounts, treasury management services, and corporate client relationships for the pilot.
Source excerpt · Unchained
USDC sent to participating PNC business clients is swapped 1-to-1 for dollars and lands in a PNC deposit account, with Coinbase running the stablecoin side. The post PNC Bank Lets Corporate Clients Accept USDC Payments in New Coinbase-Powered Pilot appeared first on Unchained .