PNC stablecoin payments pilot converts USDC receipts into dollars for businesses

PNC Bank is working with Coinbase to let eligible corporate and institutional clients receive stablecoin payments, with the funds automatically converted into US dollars. PNC’s stablecoin payments service will start as a limited pilot, testing a faster way for businesses to receive money across borders.

Clients will be able to accept Circle’s USDC through the service. The companies said stablecoins can be sent and received almost instantly, giving businesses quicker access to funds and improving the speed of cross-border transactions.

The arrangement pairs stablecoin transfers with automatic conversion to US dollars: eligible clients receive payments through the crypto infrastructure, but the funds then become dollars rather than remaining in USDC.

PNC’s stablecoin payments start with a limited pilot

The service will initially have limited availability as PNC and Coinbase test its benefits with clients. The pilot is intended to explore which stablecoin features prove useful to participating businesses.

“Right now, this is about testing and learning with our clients and helping explore which of those potential features of the stablecoin are a benefit,” said Tom Lang, PNC’s head of treasury management product and operations.

The payments initiative builds on an existing relationship. PNC previously selected Coinbase to offer customers crypto trading through its institutional “crypto-as-a-service” platform. PNC also said it would provide banking services to Coinbase.

Alec Lovett, Coinbase’s head of infrastructure products, described the partnership as part of a broader convergence between traditional financial institutions and crypto and stablecoin infrastructure.

Read also: Liv’s USD-backed stablecoin integration brings USDU to its banking app · What are the repercussions of the MiCA regulation on the stablecoin Tether (USDT)?

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.