Lloyds and Visa Test Stablecoin Settlement with $750,000 Cross-Border Pilot
Lloyds Banking Group and Visa have completed a live seven-day pilot using stablecoins to settle $750,000 in cross-border US dollar obligations. The trial marked the first stablecoin settlement test between Visa and a major UK banking group and focused specifically on settlement rather than payment execution.
The funds reached Visa in under an hour, including during the weekend. Lloyds used USDC purchased through Archax, a UK-regulated digital asset exchange, with the transactions booked through Lloyds' Corporate Markets branch in Jersey and settled with Visa in the US.
The pilot showed how stablecoins could help address some of the timing constraints of traditional cross-border settlement. Conventional processes can take a day or more when transactions are initiated outside banking hours, while stablecoin settlement can operate around the clock.