PNC Bank is making incoming USDC stablecoin payments available to its corporate and institutional clients.
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These clients can now receive payments in the dollar-backed USDC on the Ethereum blockchain, powered by Coinbase’s payments products, PNC announced Monday (Nov. 9).
“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.”
The solution builds on PNC’s relationship with Coinbase and the bank’s ongoing investment in its treasury management capabilities, the release said. It also complements PNC’s faster payments capabilities and is a sign of the bank’s focus on offering clients a “broad range of immediate payment options,” the release added.
“Stablecoins are modernizing how businesses move money by making payments faster, more efficient and more global,” said Alec Lovett, head of infrastructure products at Coinbase. “Our work with PNC shows how leading banks and trusted digital asset infrastructure come together to let corporate clients take advantage of this technology.”
PYMNTS wrote last month that the various possibilities offered by stablecoins are “generating excitement at the highest levels of the payment ecosystem. For example, Mastercard CEO Michael Miebach said recently that cross-border payments are proving to be the strongest use case for the digital tokens.
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