PNC Bank starts stablecoin payments for corporate and institutional clients

Coinbase (COIN) fell 4% to $130.49, Robinhood (HOOD) dropped 3% to $80.67, and Webull (BULL) declined 2% to $4.81, as Bitcoin (BTC) decreased 2% following hotter-than-expected inflation data. Coinbase reported Q3 2026 revenue of $1.22B, down 35% YoY, with adjusted net income of $77.7M. The Fed may raise rates in December, pressuring crypto-related stocks.

Kentucky Attorney General Russell Coleman sued Kalshi, Coinbase, Robinhood, Webull, and Polymarket, alleging they operated unlicensed sportsbooks. The state claims 89% of Kalshi's $23B 2025 contract volume involved sports wagering. The lawsuits seek triple damages under Kentucky's Loss Recovery Act, with potential penalties up to $10,000 per senior citizen misled. The CFTC also filed a complaint to block these actions.

PNC shares rose 2.3% after announcing a pilot program allowing corporate clients to receive USDC stablecoin payments, which are automatically converted to USD. The service, powered by Coinbase, aims to provide faster fund access and cross-border transaction efficiency. PNC did not disclose eligibility criteria, fees, or transaction limits.

PNC Bank plans to expand to more than 370 new branches by 2031, including 50 in Georgia and South Carolina, as part of a $2.5 billion investment. The bank will hire 2,400 employees and renovate existing locations, aiming to strengthen its presence in fast-growing markets. PNC's expansion strategy includes a focus on digital capabilities and in-person services.

Coinbase (COIN) received final approval for a national trust bank charter from the OCC, allowing it to offer crypto custody and payment services. Despite this milestone, COIN stock fell 1.51% to $134.76. The company reported $719M net income in Q3 2026, up from $433M a year earlier, and $333M adjusted EBITDA, a 60% QoQ increase.

Coinbase received final OCC approval for a national trust bank, which will hold crypto for institutions and allow cash/crypto transfers within custody accounts. The bank cannot take deposits or make loans. Coinbase plans to migrate its New York trust company's custody business over three years. The OCC's approval does not permit stablecoin issuance without further approval. Coinbase is the third crypto firm this year to gain such approval, amid legal challenges from the ICBA.