Lloyds Completes First Live Stablecoin Settlement Pilot with Visa Using USDC

Lloyds Banking Group and Visa have successfully completed their first live stablecoin settlement pilot using USDC, settling $750,000 of cross-border payment obligations in under an hour.

The seven-day pilot tested whether blockchain-based money can reduce delays created by traditional banking hours. Lloyds acquired the USDC through UK-regulated digital-asset exchange Archax and transferred the funds to Visa in the United States.

The trial demonstrated interoperability between different blockchain environments, with Lloyds operating its own node on Canton and Visa supporting settlement on a separate public blockchain.