PNC and Coinbase Launch USDC Payment Collection Service, Incoming Funds Automatically Converted to USD

Odaily Report: PNC Bank has announced a partnership with Coinbase to allow eligible corporate and institutional clients to receive payments in USDC issued by Circle, with incoming funds automatically converted to USD. The service will initially launch as a small-scale pilot. Tom Lang, head of PNC's treasury management products and operations, said the pilot aims to test stablecoin functionality together with clients. Last year, PNC already offered cryptocurrency trading to clients through Coinbase's "Crypto-as-a-Service" platform and provides banking services to Coinbase.