Major U.S. bank PNC partners with Coinbase in onchain drive, sparking questions about a covert construction of a cryptocurrency banking infrastructure by American banks.
U.S. Banks Embrace Cryptocurrency: PNC and Coinbase Lead the Way
In a significant move towards mainstream adoption of cryptocurrency, PNC Bank, a leading regional bank, has partnered with Coinbase, a prominent crypto exchange, to integrate crypto-native features into its platform. This partnership is expected to offer secure, scalable crypto services, including buying, holding, and selling digital assets, directly through PNC’s platform for both retail and institutional clients [2][4].
The alliance between PNC and Coinbase represents a key step in transforming traditional banks into gateways for crypto adoption. PNC will provide integrated crypto custody, trading, and banking services, leveraging Coinbase’s institutional-grade Crypto-as-a-Service (CaaS) platform [4]. This partnership also includes PNC offering banking services to Coinbase itself, underscoring mutual industry cooperation [4].
Other major U.S. banks are also enhancing their crypto capabilities. JPMorgan Chase, BNY Mellon, and State Street are all investing in advanced crypto infrastructure. JPMorgan operates blockchain platforms with crypto custody services and enables crypto payments, while BNY Mellon and State Street provide comprehensive custody, settlement, and trading solutions tailored to institutional needs [1][5].
The U.S. regulatory environment has evolved in recent times, with efforts to create clearer, more supportive frameworks for banks handling digital assets. The President’s Working Group on Digital Asset Markets has recommended clarifying permissible banking activities around custody, stablecoin issuance, and blockchain use, with recent legislation such as the GENIUS Act establishing federal regulation for stablecoins [3].
This partnership and the broader trend of U.S. banks integrating cryptocurrency infrastructure are a response to strong institutional demand and favorable regulatory developments. More than 18 U.S. banks are currently negotiating with crypto infrastructure providers to achieve access to a wallet level and the use of blockchain-based settlement [6].
Notably, PNC’s partnership with Coinbase is not just a feature upgrade, but a competitive hedge for regional banks. It allows them to appear forward-looking to younger and crypto-savvy customers [7]. This move is part of a broader trend, with onchain tools becoming standard in U.S. banking, wallet-linking APIs being embedded into core banking apps, and tokenized rewards and stablecoin payout options gaining traction across U.S. banking products [8].
In Q2 2025, more than $4.6 billion flowed into crypto-related financial products, including tokenized treasuries, staking-as-a-service, and corporate stablecoin holdings, indicating increasing institutional demand for crypto-related financial products [9]. Visa and Mastercard have also introduced tokenized settlement rails, enabling banks to utilize them for internal collections and external smart contract functionality [10].
As regulatory clarity improves, more banks are expected to follow, accelerating the shift towards crypto-banking. Green Dot and SoFi are building similar services with other infrastructure providers [6]. The partnership between Coinbase and PNC Bank signifies the normalization of crypto as default infrastructure in U.S. banking [11]. The future outlook is robust, with traditional banks expected to increasingly embed cryptocurrency services into their core offerings, facilitating broader public and institutional access to digital assets [2][3][4][5].
- PNC Bank's partnership with Coinbase allows for buying, holding, and selling digital assets directly through their platform, which includes secure and scalable crypto services.
- The collaboration between PNC and Coinbase is a key step towards transforming traditional banks into gateways for crypto adoption, Leveraging Coinbase’s institutional-grade Crypto-as-a-Service (CaaS) platform.
- JPMorgan, BNY Mellon, and State Street are also investing in advanced crypto infrastructure, offering crypto custody, settlement, trading solutions, and blockchain platforms with crypto custody services.
- The President’s Working Group on Digital Asset Markets has recommended clearer frameworks for banks handling digital assets, with recent legislation like the GENIUS Act establishing federal regulation for stablecoins.
- As regulatory clarity improves, more banks are expected to follow suit, embedding cryptocurrency services into their core offerings, facilitating broader public and institutional access to digital assets.
