Coinbase and PNC Bank are extending their partnership to help businesses accept USDC payments and receive the funds in U.S. dollars. Under the arrangement, Coinbase handles incoming payments and converts the stablecoin into dollars before PNC credits the money to clients’ bank accounts.
The pilot uses Coinbase Payment APIs to exchange USDC for dollars at a 1:1 rate. Businesses can therefore receive stablecoin payments without having to hold USDC or arrange the conversion themselves. For now, the service is available only to selected corporate and institutional clients.
Coinbase Handles USDC Conversion and Transfers
According to the official announcement, Coinbase manages payment processing and USDC conversion. PNC provides the banking accounts and treasury management services needed to receive the funds.
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The arrangement gives businesses another payment option alongside PNC’s existing faster-payment services. However, clients receive conventional dollar deposits rather than USDC in their bank accounts.
Partnership Builds on Earlier Banking Initiatives
The latest agreement follows an earlier partnership that gave eligible PNC Private Bank clients access to digital asset trading through Coinbase.
Coinbase has also expanded its banking relationships elsewhere. In September, Citigroup extended its partnership with Coinbase to support corporate stablecoin payments.
Neither Coinbase nor PNC has disclosed the number of businesses participating in the pilot, expected transaction volumes, or plans for a wider rollout.
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