Coinbase Enables Eligible PNC Clients to Accept USDC, Settle in Dollars

Coinbase has enabled eligible PNC corporate clients to accept USD Coin (USDC) payments that are automatically converted to dollars and deposited into their PNC accounts. The arrangement lets participating businesses receive a crypto payment while their bank balance is credited in dollars.

Coinbase announced the capability Monday, Nov. 9. It runs through Coinbase Payment APIs, which exchange incoming USDC for U.S. dollars and send the funds to PNC by bank wire. PNC records the transfer as a standard bank deposit.

The payment and deposit use different currencies: USDC is used to make the payment, while dollars are credited to the company’s PNC account. Availability is limited to eligible business and institutional clients.

Coinbase handles the conversion before PNC receives the transfer, so the bank deposit is in dollars rather than USDC. The arrangement links USDC payments to conventional bank deposits.