Lloyds and Visa Complete $750K Stablecoin Settlement Pilot

Lloyds and Visa have successfully completed a landmark seven-day stablecoin settlement pilot worth $750,000. The trial marked the first stablecoin settlement between Visa and a major UK banking group.

The goal of the initiative was to explore whether stablecoins could improve the speed, transparency, and flexibility of cross-border fund transfers. Lloyds purchased USDC through UK-regulated digital asset exchange Archax to carry out a series of U.S. dollar settlement transactions.

The pilot demonstrated that funds reached Visa in under an hour, including over weekends. According to Peter Left, Head of Digital Assets at Lloyds, the trial allowed the bank to test blockchain-based settlement capabilities in a practical setting.