PNC Bank has launched a limited pilot that lets eligible Corporate & Institutional Banking clients receive USDC payments, with the stablecoin converted one-to-one into U.S. dollars and deposited into a designated PNC account.
According to a Nov. 9 release, the service covers incoming payments only and runs on Ethereum, using Coinbase's payment products. It builds on PNC's existing relationship with the crypto exchange. USDC is a dollar-backed stablecoin.
PNC described the program as a pilot offered on a limited basis. Tom Lang, head of Treasury Management Product and Operations at the bank, said it gives PNC a chance to support customers with new capabilities.