In a limited pilot announced on November 9, PNC automatically converts incoming USDC payments on Ethereum into dollars at a one-to-one rate and deposits them into a designated PNC account. Coinbase provides the payment infrastructure through its Payment APIs, while PNC provides banking and treasury-management services. Eligible businesses can therefore receive stablecoin payments without keeping the funds on the blockchain. PNC and Coinbase have not specified the fees, settlement times, operating hours or when the converted dollars will become available to spend.
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