The chief executive of financial services giant PNC Bank says that the firm is considering providing crypto wallet services following the announcement of its partnership with Coinbase.
In a new interview on CNBC Television, PNC CEO Bill Demchak says that the company’s partnership with Coinbase – which started years ago but advanced earlier this week – will finally be able to flourish due to a friendlier economic and regulatory landscape.
“We actually went down the path with Coinbase several years ago to do something similar. And we’re enabling US digital payments through Coinbase on our systems. We’re also using our bank capabilities for fiat, our treasury management services for them. So we’re doing two things at once.
But we looked at this a bunch of years ago. And then we kind of had the crypto winter. And we had prohibitions from regulators to, you know, even spell crypto. And everything went on hold. Now we’ve got the Genius Act through and there’s progress and regulators back and forth have dropped their restrictions on our ability to work with crypto. So off we go.”
According to Demchak, PNC will not be creating its own stablecoin; rather, it will look at serving as a wallet for any token its clients would want to use.
“Coinbase is our backbone. If there is an industry-led stablecoin, it could be traded in that wallet or any of the other ones. So we’re not making a decision. We’re not going to produce a stablecoin per se, certainly not in our own name, but we’ll be a wallet, a provider for any coin that any of our clients want to use.”
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