PNC expands Coinbase partnership to stablecoin payments

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PNC Bank has partnered with cryptocurrency exchange Coinbase to let corporate and institutional customers receive payments in USDC, the stablecoin issued by Circle.

The service will automatically convert incoming USDC payments into US dollars. PNC and Coinbase said the arrangement could help businesses access funds sooner and make cross-border payments faster, as stablecoins allow near-instant transfers.

PNC sees the launch as an opportunity to test the technology with customers and identify its practical benefits, said Tom Lang, the bank’s head of treasury management product and operations.

The partnership builds on an agreement reached last year, when PNC chose Coinbase’s institutional crypto-as-a-service platform to offer cryptocurrency trading to its customers. PNC also agreed to provide banking services to the exchange.