A major US bank has started letting corporate clients receive stablecoin payments.
PNC Bank says it is making incoming USDC payments available to eligible corporate and institutional panking clients, powered by Coinbase Payment products on the Ethereum blockchain. Coinbase Payments, offered by crypto exchange Coinbase, is a stablecoin payment solution built for commerce platforms.
The payments are converted automatically 1-to-1 into US dollars and deposited into a designated PNC account.
The bank says the service is meant to give businesses faster access to funds and greater efficiency on cross-border transactions.
PNC is initially offering the service on a limited basis to eligible clients as part of a pilot program.
It builds on the bank’s existing relationship with Coinbase.
Says Tom Lang, head of Treasury Management Product and Operations at PNC Bank,
“Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners. This solution gives us an opportunity to support our customers with innovative capabilities, backed by the banking experience, risk management and expertise clients expect from PNC.”
Says Alec Lovett, head of Infrastructure Products at Coinbase,
“Stablecoins are modernizing how businesses move money by making payments faster, more efficient and more global. Our work with PNC shows how leading banks and trusted digital asset infrastructure come together to let corporate clients take advantage of this technology.”
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This post PNC Bank Partners With Coinbase To Enable USDC Stablecoin Payments for Institutional and Corporate Customers may be modified as updates unfold.
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