CNBC's Leslie Picker joins 'Squawk on the Street' with the latest news on PNC's partnership with Coinbase, how banking executives are thinking about stablecoin, and more.

Pittsburgh

PNC Financial has entered into a strategic partnership with Coinbase, aiming to broaden access to digital assets for its banking clients and institutional investors. As part of the agreement, PNC will offer banking services to Coinbase, and both companies will develop an initial offering enabling clients to buy, hold, and sell cryptocurrencies. 

The partnership reflects a broader trend among traditional banks exploring digital asset services, with other major institutions like JPMorgan also piloting blockchain-based products. The move comes amid increased interest from banks in either developing their own crypto platforms or collaborating with established players to retain clients and adapt to evolving financial technologies.

PNC announces strategic partnership with Coinbase

We are getting some breaking news on PNC Financial. For that, we're going to turn to Leslie Picker. Morning, Leslie. Good morning. PNC announcing that it has entered a strategic partnership with Coinbase. The arrangement will expand access to digital assets for PNC's banking clients and institutional investors. And PNC will provide banking services to Coinbase. Shares of Coinbase down about 3.7 percent, PNC up slightly. According to the release, the two companies will develop an initial offering that will allow clients to buy, hold and sell cryptocurrencies. The head of Coinbase Institutional saying in the release that it will be supporting PNC's, quote, entry into the digital asset market with our crypto leading or leading crypto as a service platform, which provides PNC with a powerful set of tools to develop a scalable, high growth business built on a foundation of uncompromising security. Kind of in this space, JPMorgan saying last month that it was partnering with Coinbase to pilot JPMD, a deposit token managed by blockchain technology. And guys, later in the hour, we'll sit down exclusively with Bill Demchak, the CEO of PNC, to discuss this new partnership with Coinbase, the company's recent earnings and bank regulation as he's here in Washington attending the Fed's capital conference. Guys, you know, it's interesting. We spoke to the Schwab CEO last week and Rick Worcester, and he was saying that they're looking to create a Coinbase competitor, that they want to eventually roll out a platform where you can actually buy spot Bitcoin or Ether. It feels like we're now getting lots of strategies, but divergent strategies. You either beat them or you join them. Yeah, it's really interesting. It feels like we're at this inflection point with crypto in the traditional banking system. And perhaps a lot of that has to do with the crypto week that we saw last year. But you're right, Sarah. The banking executives are kind of of this mindset now, where they either kind of beat them or they risk a lot of their clients going over to, you know, competitors. And they risk losing those deposits that way. And that's why on a lot of the earnings calls last week, you heard CEOs talking about how they're exploring issuing their own stable coin. Will there be a consortium of maybe big banks that kind of come together to give those stable coins more of a purpose outside of their own firms? A lot of it's up in the air, but there's a lot of work being done in this space right now, in this partnership, just the latest indication of that. We haven't mentioned this morning, Leslie, this report that J.P. Morgan's considering offering loans backed by clients' crypto holdings. That'd be a new wrinkle. That was really interesting, just given the overall volatility of the crypto space. So it's certainly kind of an interesting, you know, I'll be curious to hear more details about how they plan to establish that, because, of course, the challenge in, you know, lending against crypto assets is, of course, if the volatility ensues and then you have these longer-dated loans, how you kind of match that on the balance sheet. But I'm sure they're working through all of those details. OK, thank you, Leslie. Looking forward to hearing from Bill Demchak with you later in the hour.

Ozzy Osbourne, the hellraising frontman of Black Sabbath and reality TV star, has died aged 76. CNN’s Stephanie Elam looks back at the legendary career as the Godfather of Heavy Metal.

Los Angeles

Legendary singer Ozzy Osbourne dies at 76

During his Oval Office meeting with Philippine President Bongbong Marcos, President Donald Trump accused former President Barack Obama of treason for his handling of the investigation into Russian interference in the 2016 presidential election.

Washington

Trump accuses Obama of treason over 2016 election probe

A SkyWest flight, operating as a Delta connection, with 80 people on board made a sharp maneuver to avoid a B-52 bomber flying over the North Dakota State Fair. The FAA is investigating how the aircraft came so close.

Minot

Investigation underway after jet narrowly avoids Air Force bomber

A judge on Monday sentenced ex-Louisville police officer Brett Hankison to 33 months in prison and three years of subsequent supervised release, following the 2020 shooting death of Breonna Taylor.

Louisville

Judge sentences ex-officer in Breonna Taylor raid to nearly 3 years

A six-week-old infant and three other children have died of starvation in Gaza in the past 24 hours, local health officials said, with malnutrition and starvation now killing Palestinians faster than at any point in the 21-month war. This video includes images some may find distressing.

Jerusalem

Middle East Conflict

Medics say four Gaza children starve to death in hunger crisis

Ukrainian President Volodymyr Zelenskyy said Ukraine and Russia will hold a new round of peace talks on Wednesday. The announcement comes as Russian drones hit parts of Ukraine, officials said.

Kyiv

Ukraine Invasion

Zelenskyy says Russia, Ukraine to hold new round of peace talks

The Trump administration released thousands of records related to the assassination of Dr. Martin Luther King Jr., despite objections from his family. CBS News' Weijia Jiang has the latest.

Trump admin releases Martin Luther King Jr. assassination records

Students gather to protest in Bangladesh outside the school where a military jet crashed Monday, killing at least 30 people, including dozens of children.

Dhaka

Protests break out as death toll passes 30 in Bangladesh jet crash

CBS News has learned that a new assessment of the U.S. strikes on Iranian nuclear sites in June finds that only one of three facilities was possibly destroyed. CBS News senior national security correspondent Charlie D'Agata has the details.

Tehran

U.S. strikes may have destroyed one Iranian nuclear facility

For the first time, Taiwan has combined two major civil defense exercises and staged them in conjunction with its largest-ever military simulation. CNN’s Will Ripley explains why the self-governing island is bolstering its preparations for a potential war with China.

Taipei

Taiwan holds unprecedented military drills

With questions continuing around the so-called Epstein files, U.S. President Donald Trump has made several controversial social media posts. Some political scientists say the posts are likely a way to distract the public from talking about Trump’s past ties sex offender Jeffrey Epstein.

Trump posts fake AI video of Obama arrest amid Epstein furor

The next set of peace talks between Ukraine and Russia - the first meeting in seven weeks - is planned for Wednesday in Turkey, President Zelenskyy quoted the head of Ukraine's National Security and Defence Council as saying.

Zelenskyy says new peace talks planned for Wednesday

Israel’s latest offensive in Gaza is targeting humanitarian hub Deir al-Balah because officials believe Hamas is hiding hostages there. The move comes as 25 countries, including Canada, called for an immediate ceasefire and the resumption of aid.

Israeli offensive targets humanitarian hub of Deir al-Balah

A sweeping cyber espionage operation targeting Microsoft server software 'SharePoint' compromised about 100 different organizations as of the weekend, two of the organizations that helped uncover the campaign said on Monday (July 21).

Redmond

Microsoft server hack hit about 100 organizations, experts say

Protestors showed up at the federal courthouse in Boston on Monday amid Harvard's $2 billion legal battle with the Trump administration.

Boston

Protestors gather outside courthouse amid Harvard-Trump hearing

Malcolm-Jamal Warner, an actor and artist who rose to fame as a child as Theodore Huxtable on “The Cosby Show,” has died in a drowning accident in Costa Rica, where he was on vacation with his family, according to a source close to the actor.

‘The Cosby Show’ star Malcolm-Jamal Warner dead at 54

An off-duty U.S. Customs and Border Protection agent was shot after an apparent robbery went wrong in New York, officials say. New York Mayor Eric Adams said a 21-year-old undocumented immigrant was taken into custody. The agent is in stable condition and is expected to survive.

New York

Off-duty Border Patrol agent shot in NYC by undocumented migrant

The jet crashed onto the campus of Milestone School and College in Dhaka's Uttara neighbourhood, where students were taking tests and attending regular classes.

At least 20 killed after Bangladesh Air Force jet crashes into school

An investigation into Jeju Air's fatal plane crash in December has found "clear evidence" that pilots shut off the less-damaged engine after a bird strike in South Korea, a source told Reuters. But a progress report was not released as planned, after families of the bereaved protested some of its phrasing.

Muan-gun

Report says pilot shut wrong engine before Jeju Air crash

Iran, China and Russia will discuss Tehran's nuclear activities and sanctions on Tuesday, with the E3 nations set for talks on Friday amid threats of reimposing sanctions.

Iran to consult with Russia, China ahead of European nuclear talks

Hundreds of Bedouin civilians were evacuated from Syria's predominantly Druze city of Sweida on Monday (July 21) as part of a U.S.-backed truce meant to end fighting that has killed hundreds of people, state media and witnesses said.

As Suwayda

Bedouin civilians evacuate Syria's Sweida as tense truce holds

Japanese Prime Minister Shigeru Ishiba vowed to remain in office on Monday after his ruling coalition suffered a bruising defeat in upper house elections, prompting some of his own party to deliberate his future as the opposition weighed a no-confidence motion.

Tokyo

Japan PM Ishiba vows to stay on after bruising election defeat

Police say Fernando Ramirez drove onto a crowded sidewalk outside a Los Angeles nightclub early Saturday, injuring dozens. He was later shot by a bystander who fled the scene, prompting a citywide search.

Police search for gunman after car-ramming attack in L.A.

Japan's ruling coalition is certain to lose control of the upper house in election, public broadcaster NHK reported, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms.

Japan's ruling coalition loses control of upper house

Iran's foreign minister has said the country France, Germany and the UK are looking to set a date for a meeting for nuclear talks, in what could be a step toward ending the protracted impasse over Iran's nuclear programme and Western concerns.

Iran and three European powers set to resume nuclear talks

The Trump administration said on Saturday (July 19) it will take action against Mexico under its "America First" policy, saying the Mexican government's earlier decision to cut flight slots in Mexico City, which affects U.S. airlines, violates a bilateral air agreement.

U.S. threatens Mexican flights over cargo, competition issues

U.S. President Donald Trump has sued the Wall Street Journal and its owners including Rupert Murdoch for at least $10 billion, over the report that his name was on a 2003 birthday greeting for Jeffrey Epstein that included a sexually suggestive drawing and a reference to secrets they shared.

Trump sues Wall Street Journal for $10 billion over Epstein report

Over 200 Venezuelans who were deported from the U.S. on allegations of gang membership earlier this year and detained in an El Salvador jail have arrived home to Caracas as part of a coordinated prisoner exchange. Ten Americans held in Venezuela returned to the U.S., officials said.

Caracas

El Salvador sends detained Venezuelans home in swap for Americans

Japanese voters headed to the polls on Sunday (July 20) in a tightly contested upper house election that could unleash political turmoil, with rising prices, immigration concerns and the emergence of a Trump-style "Japanese-first" party threatening to weaken Prime Minister Shigeru Ishiba's grip on power.

Japan heads to the polls for Upper House elections

The violent clashes between the Druze minority, Bedouins and other armed groups in the southern province of Sweida have left at least 900 people dead. Some reports suggest that fighting may have halted early on Sunday.

Breakdown