Lloyds Banking Group and Visa completed a seven-day pilot using stablecoins to settle $750,000 in cross-border US dollar obligations. The funds reached Visa in under an hour, including during weekends, compared to traditional settlement that can take a day or more outside banking hours. Lloyds used USDC purchased through Archax, a UK-regulated digital asset exchange, with transactions booked through its Corporate Markets branch in Jersey and settled with Visa in the US. The pilot tested interoperability between a private blockchain network (Canton) and a public blockchain, demonstrating how stablecoins could operate alongside existing banking infrastructure and provide institutions with more settlement options.
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