PNC Bank has opened a limited USDC payment pilot for eligible Corporate & Institutional Banking clients, giving businesses a way to receive stablecoins and have the funds converted into bank deposits.
PNC announced the service Nov. 9. Payments arrive on the Ethereum network, with Coinbase Payment APIs providing the payment infrastructure. PNC says it automatically converts each payment into U.S. dollars at a 1-to-1 rate and deposits the proceeds into a designated account at the bank. Circle, which issues USDC, describes the token as designed to be redeemable for dollars at a 1-to-1 rate.
The pilot handles incoming payments. The companies’ announcements do not describe a way for PNC clients to send USDC through the service. PNC and Coinbase say the arrangement is intended to give businesses faster access to funds and improve cross-border payment efficiency, but they have not reported measured results from the pilot.
The companies have not disclosed how many clients are participating, how quickly funds reach bank accounts or what the service costs. They also have not published a fee schedule. PNC has not given a date for wider access, leaving the pilot’s scale and timing for any expansion unspecified.
The service follows a strategic partnership PNC and Coinbase announced July 22, 2025. PNC said it planned to use Coinbase infrastructure to develop cryptocurrency access for its clients and provide select banking services to Coinbase. The new payment route connects incoming stablecoin payments with dollar deposits held at PNC.
PNC launched Bitcoin (BTC) trading for eligible PNC Private Bank clients on Dec. 9, 2025. That service offered trading to private bank clients; the current pilot is for corporate and institutional banking clients and covers incoming payments. The companies have not announced a next rollout date or other scheduled milestone.
