Boosting stablecoin capabilities has been an area of focus for PNC, which has launched a pilot that lets corporate clients receive USDC payments, through the bank’s partnership with Coinbase.

To ensure it’s giving large corporate customers the latest options, PNC has launched a pilot enabling corporate and institutional banking clients to accept stablecoin payments.

Boosting stablecoin and blockchain capabilities has been an area of focus for PNC, said Mike Gallagher, chief operating officer of PNC’s treasury management segment. “We've been investing in that to make sure customers have optionality,” he said in a recent interview.

Pittsburgh-based PNC said Monday it’s building on its existing relationship with Coinbase to offer stablecoin payments to the lender’s corporate and institutional banking clients.

“Our clients are continually looking at new ways to interact and transact with customers, suppliers and business partners,” Tom Lang, PNC’s head of treasury management product and operations, said in a news release. “This solution gives us an opportunity to support our customers with innovative capabilities, backed by the banking experience, risk management and expertise clients expect from PNC.”

As part of a pilot program, PNC’s corporate customers can receive payments in Circle’s USDC, a dollar-backed stablecoin, on the Ethereum blockchain. USDC payments are automatically converted 1-to-1 to U.S. dollars and deposited into a PNC deposit account, offering customers stablecoin payment benefits alongside access to the $627.8 billion-asset lender’s banking services, the release said.

PNC seeks to add capabilities if clients are looking for them, “and the capabilities will come to match as the corporate needs emerge,” said Gallagher, who’s also president of Tempus Technologies, a payments company PNC acquired in 2021.

Source link