PNC Bank launched a limited pilot allowing eligible corporate and institutional clients to receive USDC payments through Coinbase, with the funds automatically converted into US dollars and deposited into designated PNC accounts.
As reported by Cointelegraph in an article published on November 10, 2026, at 01:48:35 UTC+8, the service lets businesses accept stablecoin payments without holding the tokens themselves. PNC is the eighth-largest US bank by assets.
How the pilot works
The pilot uses Coinbase Payments products to accept USDC on Ethereum. USDC is a US dollar-backed stablecoin issued by Circle.
PNC said the service is intended to give businesses faster access to funds and improve cross-border payment efficiency. Those benefits remain the bank’s stated aims: it did not disclose fees, settlement-time benchmarks or the number of participating clients. PNC also had not responded to Cointelegraph’s request for additional details by publication time.
Building on an existing partnership
The pilot follows a partnership established in July 2025, under which PNC agreed to offer cryptocurrency services using Coinbase’s infrastructure while providing banking services to the exchange. That relationship subsequently led to Bitcoin trading for eligible PNC Private Bank clients in December.
Citi pursued a similar approach, expanding its Coinbase partnership in September to let institutional clients accept stablecoin payments through Spring by Citi, with Coinbase converting the payments into fiat currency.
Stablecoin market context
According to DefiLlama figures cited in the report, USDC was the second-largest stablecoin by market capitalization at $70.5 billion, behind Tether’s USDT at $176.8 billion. The total stablecoin market stood at approximately $290.8 billion on the Monday referenced in the article.