PNC Bank launched a pilot on November 9 allowing selected corporate and institutional clients to receive USDC payments on the Ethereum blockchain. The funds are automatically converted into U.S. dollars at a 1:1 rate and deposited into the client’s PNC account, so businesses do not need to hold cryptocurrency. The service uses Coinbase’s payment infrastructure, while PNC retains the banking relationship and treasury management. Currently limited to selected participants, it shows how traditional banks are progressively integrating stablecoins without eliminating compliance checks, currency conversions, or delays associated with international transactions.
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