PNC to offer stablecoin payments to clients in Coinbase partnership
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓PNC will now let eligible clients receive payments in Circle’s USDC stablecoin, which converts to US dollars.
- ✓The bank started this pilot program to help businesses get funds faster.
- ✓Tom Lang said, “Right now, this is about testing and learning with our clients and helping explore which of those potential features.”
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
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.
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“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.
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