Lloyds and Visa Complete Live Stablecoin Settlement Trial
Lloyds Banking Group and Visa have completed a seven-day live pilot using stablecoins to settle $750,000 of payment obligations. This is reportedly the first stablecoin settlement trial between Visa and a major UK banking group.
The trial used USDC purchased through Archax, a UK-regulated digital asset exchange, for the series of U.S. dollar settlements. The funds reached Visa in under an hour, including over the weekend.
Lloyds' Head of Digital Assets Peter Left said, 'Settling $750,000 of live payment obligations between Lloyds and Visa using stablecoins has allowed us to move beyond theory and test these capabilities in a real-world setting.'