PNC Bank tests turning USDC payments into dollar deposits

The pilot lets eligible corporate and institutional clients accept USDC on Ethereum, with each token converted to one US dollar before deposit.

PNC Bank, the eighth-largest US bank by assets, launched a limited pilot enabling eligible corporate and institutional clients to receive USDC payments through Coinbase.

The pilot accepts USDC, a US dollar-backed stablecoin issued by Circle, on Ethereum using Coinbase Payments products. Payments are automatically converted into dollars and deposited into designated PNC accounts, allowing businesses to accept stablecoins without holding them.

PNC said the service aims to speed up access to funds and improve cross-border payment efficiency. The bank did not disclose fees, settlement-time benchmarks or the number of participating clients, nor did it respond to Cointelegraph’s request for additional details by publication time.

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