Lloyds and Visa Test Real-Time Stablecoin Settlement for Cross-Border Payments

Lloyds Banking Group and Visa have completed a seven-day live stablecoin pilot that settled $750,000 in cross-border payment obligations using USDC. The funds reached Visa in under an hour, even during the weekend.

The pilot tested whether stablecoins could support round-the-clock settlement while improving visibility over when funds arrive. Lloyds bought USDC through UK-regulated exchange Archax and used its own Canton node, while Visa supported settlement on a separate public blockchain.

According to Lloyds Banking Group, the trial used USDC for a series of real-world U.S. dollar settlements between its Corporate Markets branch in Jersey and Visa in the United States. The pilot allowed the companies to test whether stablecoins could give financial institutions another way to complete certain settlement obligations around the clock.

Peter Left, head of digital assets at Lloyds Banking Group, said moving money across different markets, currencies, and financial systems can add time and complexity to cross-border transactions. He noted that settling $750,000 of live payment obligations between Lloyds and Visa using stablecoins has allowed them to move beyond theory and test these capabilities in a real-world setting.