PNC’s Coinbase Pilot Turns Incoming USDC Into Business Bank Deposits

PNC has launched a limited pilot with Coinbase that lets eligible corporate clients receive Ethereum-based USDC payments and have them automatically converted into dollars deposited in their bank accounts. The program targets businesses seeking faster settlement than traditional wires while avoiding direct exposure to crypto holdings. It marks one of the largest U.S. bank integrations of stablecoin payment rails to date, following similar moves by peers experimenting with tokenized deposits and blockchain settlement. The pilot's scope, including client eligibility and transaction volumes, was not disclosed. Watch for whether PNC expands the program beyond the limited cohort and how competing banks respond with their own stablecoin or tokenized deposit offerings.