Lloyds Banking Group Speeds Up Settlements with USDC Stablecoins
Lloyds Banking Group, one of the UK's largest retail banking groups, has conducted a successful pilot test of stablecoins in real transactions. The bank partnered with Visa to assess the use of USDC in settlement processes between financial institutions.
The seven-day pilot met payment obligations totaling $750,000 using this method. Notably, funds reached Visa in under an hour, including over the weekend, demonstrating the speed and efficiency of stablecoin transfers.
The pilot focused on the settlement stage, where banks meet obligations to one another by transferring funds as a result of their payment activities. Lloyds and Visa used stablecoins alongside existing settlement processes to test speed, transparency, and operational performance.