Lloyds and Visa Settle $750,000 in USDC Cross-Border Payment Pilot

Lloyds Banking Group and Visa have successfully completed a seven-day cross-border settlement pilot using USDC, a stablecoin issued by Circle. During the pilot, the two institutions settled $750,000 in cross-border payment obligations, with funds reaching Visa in under an hour, including over the weekend. This is a significant improvement over traditional cross-border settlement, which can take a day or more when initiated outside banking hours.

The pilot used USDC purchased through Archax, a UK-regulated digital asset exchange, and involved existing banking and payment infrastructure. The settlement volume was booked through Lloyds' Corporate Markets branch in Jersey and transferred to Visa in the United States. The pilot also examined treasury and liquidity management, testing whether round-the-clock settlement could give institutions clearer information about the status of funds and more predictable arrival times outside standard banking windows.

Peter Left, head of digital assets at Lloyds Banking Group, described the aim of the pilot as moving beyond theory and testing the capabilities of stablecoin settlement in a real-world setting. The pilot proves that the two institutions can settle a defined set of live obligations using USDC, but it does not show that every bank, payment network, or corporate client can use the same route.