PNC Financial Services Group is expanding its digital-asset capabilities with the launch of stablecoin payment services for corporate clients. Through its subsidiary, PNC Bank, eligible Corporate & Institutional Banking (C&IB) clients can now receive payments in USDC, a U.S. dollar-backed stablecoin, over the Ethereum blockchain. The service, powered by Coinbase Global, converts incoming USDC payments into U.S. dollars at a 1:1 rate and deposits them into clients’ PNC accounts. This move aims to streamline payment processing, offering faster access to funds and improved cross-border payment efficiency.
The new offering builds on PNC’s existing partnership with Coinbase, which began in July 2025. In December 2025, PNC became the first major U.S. bank to introduce direct spot Bitcoin trading for eligible PNC Private Bank clients. The latest stablecoin launch extends this partnership into blockchain-based payments, broadening PNC’s digital-asset offerings across wealth management and corporate banking.
PNC’s strategy aligns with its goal to strengthen its Treasury Management franchise through innovative payment solutions. The bank expects noninterest income to rise approximately 12.6% in 2026 from its 2025 baseline of $8.7 billion. The partnership with Coinbase allows PNC to leverage established digital-asset technology, enabling it to introduce innovative payment solutions without developing the entire infrastructure independently.
Meanwhile, Wells Fargo is also advancing its digital-payments strategy with plans to launch a U.S. dollar-denominated stablecoin in the first half of 2027. In October 2026, Wells Fargo announced this initiative alongside 20 international financial institutions, aiming to support various payment types, particularly cross-border transactions and digital-asset settlements. Additionally, Wells Fargo launched tokenized deposits for corporate and commercial clients in September 2026, enabling faster transactions.