Coinbase and PNC Bank expand partnership with USDC payments for corporate clients

PNC Bank is expanding its partnership with crypto exchange Coinbase Coinbase Global, Inc. (COIN) to let corporate and institutional clients receive payments in USDC, according to an announcement on Monday. The service is initially being offered through a pilot program for eligible customers.

The bank will automatically convert incoming USDC payments into U.S. dollars at a 1-to-1 rate before depositing the funds into clients' designated PNC accounts. The pilot uses Coinbase Payment APIs for stablecoin transactions, alongside PNC's banking and treasury management services. PNC said it would complement the faster-payment options already available to its corporate clients.

PNC's growing Coinbase partnership

PNC first announced its partnership with Coinbase in July 2025, agreeing to use the exchange's Crypto-as-a-Service platform while providing select banking services to Coinbase. In December, the bank began offering spot bitcoin trading to eligible private banking clients, allowing them to buy and sell bitcoin directly through their existing investment accounts.

Coinbase has also been working with other banks on stablecoin payments. In September, it expanded its partnership with Citi to connect traditional fiat payments with stablecoins. The arrangement allows Coinbase customers to use Citi's Virtual Account Wallet to receive and manage fiat payments, with automatic conversion into stablecoins. Citi's institutional clients can also accept stablecoin payments through its Spring platform, using Coinbase's infrastructure to convert them into fiat for settlement.

Earlier this year, Coinbase also partnered with payments firm Moov to bring stablecoin acceptance, settlement, and real-time funding capabilities to systems used by more than 1,000 community banks and credit unions using Coinbase's Payments API and custodial wallets.