Lloyds Trial Paves Way for Real-Time Stablecoin Settlements
Lloyds Banking Group conducted a seven-day trial to settle $750,000 in Visa obligations using USDC. The test was the first stablecoin settlement trial between Visa and a major UK banking group.
The funds were transferred from Lloyds' Corporate Markets branch in Jersey to Visa in the United States via the private blockchain network Canton. Meanwhile, Visa supported settlement on its own public blockchain.
This experiment showed that USDC can facilitate cross-border settlements outside of traditional banking hours. Funds were received by Visa in under an hour, even over weekends, demonstrating the potential for real-time payment processing with stablecoins.