Lloyds Banking Group and Visa have completed a seven-day stablecoin pilot covering $750,000 in payment obligations. Funds reached Visa in under an hour, including over the weekend.
Lloyds bought USDC through Archax, a UK-regulated digital asset exchange. The settlements were booked through Lloyds’ Corporate Markets branch in Jersey and sent to Visa in the United States. The $750,000 total covered a series of transactions.
Canton formed part of the test. Lloyds used its own node and the network’s privacy controls, while Visa handled settlement on a separate public blockchain.
The work focused on the money financial institutions exchange behind the scenes to complete payments. Being able to settle outside banking hours gives treasury teams more flexibility over when funds move and when they become available.
The trial tested that process with live obligations, including at times when conventional cross-border settlement can take a day or longer.
