PNC Bank has teamed up with Coinbase to enable corporate and institutional clients to receive payments in stablecoins. The service will use Circle's USDC stablecoin, which will be automatically converted to US dollars upon receipt. Both companies highlight the potential for faster access to funds and more efficient cross-border transactions, as stablecoins can be transferred almost instantly.
Tom Lang, head of treasury management product and operations at PNC, emphasized that the partnership is focused on testing and learning how stablecoins can benefit clients. He noted that the initiative is a great starting point for exploring the advantages of stablecoin technology.
This collaboration builds on PNC's previous partnership with Coinbase, which allowed the bank's customers to trade cryptocurrencies through Coinbase's institutional platform. PNC also announced plans to offer banking services to Coinbase.
Alec Lovett, head of infrastructure products at Coinbase, described the service as part of a broader trend of convergence between traditional financial institutions and crypto infrastructure. The stablecoin payment service will initially be available on a limited basis as part of a pilot program.