Lloyds Completes First Stablecoin Settlement Pilot with Visa Using USDC
Lloyds Banking Group has successfully completed its first stablecoin settlement pilot with Visa, using USDC to settle $750,000 in payment obligations over seven days. The trial involved Lloyds purchasing USDC through regulated digital-asset exchange Archax and then using the stablecoin to fulfill payment obligations to Visa.
The key result from the pilot was the time required for funds to reach Visa, which was under an hour, including transactions made during weekends. This highlights the settlement process tested between the banking group and the global payments company.
Lloyds obtained the USDC used for settlement through Archax, a regulated digital-asset exchange, rather than directly acquiring the stablecoin through an unregulated venue. The trial brings together a major UK banking group, a global payments company, and a regulated digital-asset exchange in a single settlement process.