PNC Bank pilots USDC payments on Ethereum that settle as dollar deposits
In brief
- PNC launched a limited pilot letting corporate and institutional clients receive USDC via Coinbase.
- USDC on Ethereum is accepted through Coinbase Payments products.
- Each USDC token converts to one US dollar before deposit into designated PNC accounts.
- PNC didn't disclose fees, settlement times or how many clients are participating.
How the pilot works
PNC, described as the eighth-largest US bank by assets, is running the pilot on Coinbase Payments products. USDC is a US dollar-backed stablecoin issued by Circle, and the pilot accepts it on Ethereum.
Each USDC token is converted to one US dollar before deposit.
PNC said the service is meant to speed up access to funds and make cross-border payments more efficient. That's the pitch. The bank didn't disclose fees, settlement-time benchmarks or the number of participating clients, and it didn't respond to Cointelegraph's request for more details by publication time.
Built on the Coinbase partnership
The pilot builds on a partnership set up in July 2025, when PNC agreed to offer crypto services through Coinbase's infrastructure while also providing banking services to the exchange. That same deal led to Bitcoin trading for eligible PNC Private Bank clients in December.
PNC isn't alone here. Cointelegraph noted that Citi expanded its own Coinbase partnership in September so institutional clients could accept stablecoin payments through its Spring by Citi platform (with Coinbase converting those payments into fiat currency).
Where USDC sits in the stablecoin market
USDC is the second-largest stablecoin by market capitalization at $70.5 billion, according to DefiLlama data cited by Cointelegraph. Tether's USDT leads at $176.8 billion, and the total stablecoin market stood at about $290.8 billion on Monday, per the same report.
For now, it's a limited pilot with eligible clients only, and PNC hasn't put numbers on how many businesses are using it or what it costs them.
Frequently asked questions
How does PNC's USDC payment pilot work?
Eligible corporate and institutional clients can receive USDC on Ethereum through Coinbase Payments products. Payments are automatically converted into dollars, one dollar per token, and deposited into designated PNC accounts, so businesses don't have to hold the stablecoin.
What hasn't PNC disclosed about the USDC pilot?
PNC didn't disclose fees, settlement-time benchmarks or the number of participating clients. It also didn't respond to Cointelegraph's request for more details by publication time.
How is PNC connected to Coinbase?
PNC agreed in July 2025 to offer crypto services through Coinbase's infrastructure while providing banking services to the exchange. That partnership led to Bitcoin trading for eligible PNC Private Bank clients in December, and the USDC pilot builds on it.
