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PNC Bank tests USDC payments that settle as dollar deposits
The US lender is running a pilot with Coinbase infrastructure that converts incoming USDC on Ethereum into dollars at a 1:1 rate.
Key takeaways
- PNC Bank has started testing a service that accepts payments in USDC on Ethereum.
- Coinbase infrastructure converts the incoming stablecoins into dollars at a 1:1 rate.
- The dollars are credited to clients' bank accounts, according to ForkLog.
- The pilot is limited to a small group of corporate and institutional clients.
- ForkLog reports the service is meant to speed up international settlements.
A pilot for corporate clients
PNC Bank has begun testing a service that accepts payments in USDC, a stablecoin designed to hold a value of one dollar, on the Ethereum network. ForkLog reported the pilot on 10 November 2026.
Incoming stablecoins are converted automatically into dollars at a 1:1 rate using infrastructure from Coinbase, and the money is credited to clients' bank accounts, according to the report.
ForkLog says the service is intended to speed up international settlements and give companies faster access to their funds.
Limited rollout, few details
The service is available only to a limited group of corporate and institutional clients during the pilot phase, the report says.
The report does not state how many clients are taking part, what fees PNC charges for the conversion, or when the pilot might be extended. It also does not say whether PNC or Coinbase have set a date for a wider launch.
The details come from a single report, and the account does not include statements from either PNC Bank or Coinbase.
Sources
1 reportThis article was prepared by BattleTown Newsroom from the reports listed above.
Frequently asked questions
What is PNC Bank testing?
A service that accepts payments in USDC on the Ethereum network and converts them into dollars at a 1:1 rate, crediting the money to clients' bank accounts, according to ForkLog.
Who can use the service?
Only a limited group of corporate and institutional clients during the pilot phase, ForkLog reports.
What is USDC?
USDC is a stablecoin, a crypto token designed to hold a value of one dollar. In this pilot it is converted into ordinary dollar deposits.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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