PNC Bank starts stablecoin payments for corporate and institutional clients
PNC Bank started payments available to its corporate and institutional banking clients through a partnership with Coinbase Global , the company said Monday.In early trading, PNC stock climbed 2.3% and Coinbase stock rose 1.5%.The offering complements PNC's established faster payments capabilities and reflects its focus on responding to evolving client needs with a broad range of immediate payment options, the bank said.With the new capability, PNC corporate and institutional banking customers can receive payments in USDC, a dollar-backed stablecoin, on the Ethereum blockchain, powered by Coinbase Payment products.PNC is initially offering the service on a limited basis to eligible clients as part of a pilot program. As the use of stablecoins continues to evolve, the bank said it will help clients understand and evaluate emerging payment technologies and how they may fit within their broader treasury strategies.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.