A post by @WatcherGuru on X.
JUST IN: PNC Bank begins testing USDC stablecoin payments on Ethereum for corporate and institutional clients.
@WatcherGuru on X
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PNC Bank has begun testing USDC stablecoin payments on Ethereum for its corporate and institutional clients, alongside a feature to convert those stablecoin payments into U.S. dollar deposits. The pilot marks another step by a major U.S. bank into tokenized settlement, using Circle's dollar-pegged token on a public blockchain rather than a proprietary network. It matters because bank-led stablecoin payment testing could push more institutional volume toward on-chain settlement rails and add credibility to USDC as a corporate payment instrument. What to watch next is whether PNC expands the pilot beyond testing, how quickly conversions to dollar deposits are processed, and whether other large U.S. banks follow with similar Ethereum-based stablecoin programs.
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Named in this story
PNC Bank, USDC, Ethereum (ETH)
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