Key facts
- PNC said eligible clients will receive payments in Circle's USDC, which is automatically converted to US dollars.
- The companies said stablecoin payments give businesses quicker access to funds and faster cross-border transactions.
- PNC's Tom Lang said the effort is about testing and learning with clients to explore which stablecoin features are a benefit.
- Coinbase's Alec Lovett said the partnership fits a broader convergence between traditional finance and stablecoin infrastructure.
- PNC previously used Coinbase's institutional crypto-as-a-service platform to offer crypto trading to its customers.
PNC Bank is working with cryptocurrency exchange Coinbase to let corporate and institutional clients receive payments in stablecoin, the companies said on November 9, 2026. Eligible PNC clients will be able to receive payments in Circle's USDC stablecoin, which will then be automatically converted to US dollars.
The companies said the service will provide businesses quicker access to funds and improve the speed of cross-border transactions, since stablecoins can be sent and received almost instantly. The service will initially be offered on a limited basis as part of a pilot program.
"Right now, this is about testing and learning with our clients and helping explore which of those potential features of the stablecoin are a benefit," said Tom Lang, head of treasury management product and operations at PNC. "I think that's why we see it as such a great place to start."
PNC last year tapped Coinbase to offer crypto trading to the bank's customers, using Coinbase's institutional "crypto-as-a-service" platform. The Pittsburgh-based financial institution also said it would offer banking services to Coinbase.
"Big picture, this is really part of a broader story about convergence between [traditional finance] institutions and crypto and stablecoin infrastructure," said Alec Lovett, head of infrastructure products at Coinbase.