Coinbase Secures Federal Trust Approval as PNC Pilots USDC Payments

Coinbase has secured final federal approval for a national trust company as PNC announces a limited pilot for corporate clients to receive USDC payments through Coinbase, broadening banks’ use of crypto infrastructure.

Coinbase announced the approval Monday, Nov. 9, for Coinbase National Trust Company; the charter became effective Nov. 6. The Office of the Comptroller of the Currency’s April 2 preliminary, conditional decision limited the entity to trust-company operations and related activities, including fiduciary digital-asset custody. The charter does not make Coinbase a general commercial bank.

The PNC pilot lets eligible Corporate & Institutional Banking clients receive USDC on Ethereum through Coinbase payment products. The arrangement exchanges each USDC payment for an equal amount of U.S. dollars before depositing it into a designated PNC account. The limited pilot expands an earlier partnership that gave eligible PNC Private Bank clients access to digital-asset trading.

“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,” said Tom Lang, PNC’s head of Treasury Management Product and Operations.