- Lloyds and Visa settled $750,000 in live USDC payment obligations.
- Funds reached Visa in under one hour, including during the weekend.
- The pilot tested settlement across Canton and a separate public blockchain.
Lloyds and Visa completed a seven-day live pilot using USDC for cross-border settlement. The Lloyds Visa stablecoin settlement trial covered $750,000 in real payment obligations. Lloyds acquired USDC through UK-regulated exchange Archax before sending funds to Visa in the United States. Transactions reached Visa in under one hour, including during weekend periods.
In a recent press release, the companies described the test as the first stablecoin settlement trial between Visa and a major UK banking group. The pilot focused on institutional settlement rather than customer payments. Customers did not use USDC to pay merchants during the trial.
Lloyds Visa Stablecoin Settlement Tests Round Clock Transfers
The Lloyds Visa stablecoin settlement trial examined whether digital money could reduce delays created by banking hours. Traditional cross-border settlements can take a day or longer outside normal operating periods.
Lloyds booked the transactions through its Corporate Markets branch in Jersey. It then purchased USDC from Archax and transferred the funds to Visa.
Lloyds said faster settlement could improve liquidity management and give businesses greater certainty over incoming funds. The structure could also reduce money left waiting during weekends and holidays.
Peter Left, Lloyds Banking Group head of digital assets, said the trial moved the technology beyond theoretical testing.
Lloyds Visa Stablecoin Settlement Also Tests Blockchain Interoperability
The Lloyds Visa stablecoin settlement pilot also tested transactions across different blockchain environments. Lloyds operated its own node on the Canton Network during the trial.
Visa supported settlement through a separate unnamed public blockchain. The structure tested whether financial institutions could settle across networks without adopting one blockchain.
Visa has already expanded its stablecoin infrastructure. Its settlement volume surpassed a $20 billion annualized run rate in September.
The company added Canton and four other blockchains to its settlement pilot in April. That expansion brought the total number of supported networks to nine.
Lloyds has also tested tokenized sterling deposits through Canton. It previously completed blockchain-based transactions involving sterling, euros and Swiss francs.
The Lloyds Visa stablecoin settlement used USDC instead of tokenized commercial bank deposits. Neither company announced a commercial rollout date for the service.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
