PNC Bank Partners with Coinbase to Launch USDC Payment Service

PNC Bank has announced a partnership with Coinbase, allowing eligible businesses and institutional clients to receive payments in USDC, a stablecoin issued by Circle, which will be automatically converted to USD upon receipt. This service aims to help businesses access funds more quickly and expedite cross-border transaction settlements. Initially, the service will be rolled out in a limited pilot phase. Tom Lang, head of PNC's cash management products and operations, stated that the current goal is to test the functionality of stablecoins with clients. Last year, PNC leveraged Coinbase's crypto-as-a-service platform to offer cryptocurrency trading to clients and provided banking services to Coinbase.

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