Lloyds and Visa Speed Up Cross-Border Payments With Stablecoin Settlement
By PYMNTS
AI summary of the source article
Lloyds Banking Group and Visa completed a seven-day live pilot testing cross-border payment settlement via stablecoins. During the trial, Lloyds settled $750,000 in payment obligations booked through its Corporate Markets branch in Jersey and transferred to Visa in the United States. Funds arrived in under an hour, even over the weekend. The pilot tested cross-network interoperability, utilizing Lloyds' node on Canton while Visa supported settlement across a separate public blockchain. Representatives from both firms noted that the test demonstrated how digital currencies can make international corporate payments faster, more flexible, and capable of operating alongside existing banking infrastructure around the clock.
Why it matters
The pilot shows that stablecoins can settle international payments in under an hour outside conventional banking hours while functioning across disparate blockchain networks.
Key facts
- Lloyds settled $750,000 of payment obligations with Visa during a seven-day cross-border stablecoin pilot.
- Transfers from Lloyds' Jersey branch to Visa in the United States were completed in under an hour, including over the weekend.
- The pilot tested interoperability by pairing Lloyds' node on Canton with a separate public blockchain supported by Visa.