PNC and Coinbase collaborate to launch USDC payment service

According to a report by Reuters, PNC Bank announced a partnership with Coinbase to allow eligible businesses and institutional clients to receive payments in USDC stablecoins issued by Circle, which will be automatically converted to US dollars upon receipt. Both parties stated that this service could help businesses access funds more quickly and expedite cross-border transaction settlements. The service will initially be launched in a pilot format on a small scale. Tom Lang, head of PNC's cash management products and operations, stated that the current goal is to test with clients to see which features of stablecoins are useful to them. Last year, PNC provided cryptocurrency trading to clients through Coinbase's "crypto-as-a-service" platform and offered banking services to Coinbase.