Lloyds Completes First Stablecoin Settlement Pilot With…
By Karthik Subramanian
AI summary of the source article
Lloyds Banking Group and Visa completed a seven-day pilot using USDC to settle $750,000 in live cross-border payment obligations. Lloyds acquired the USDC via UK-regulated exchange Archax, booked it via its Corporate Markets Jersey branch, and transferred funds to Visa in the United States in under an hour, including over the weekend. The pilot focused strictly on institutional settlement rather than consumer transactions and tested interoperability between Lloyds' node on Canton and Visa's separate public blockchain. While neither company committed to a commercial deployment, Lloyds highlighted that continuous settlement could enhance liquidity management and eliminate traditional banking delays.
Why it matters
Continuous stablecoin settlement allows financial institutions to bypass cut-off times and weekends, potentially improving liquidity management and reducing the capital tied up during settlement delays.
Key facts
- Lloyds Banking Group and Visa settled $750,000 of live cross-border obligations in under an hour using USDC.
- Lloyds acquired the USDC via Archax, booked the volume in Jersey, and used its own Canton node to interoperate with Visa's separate public blockchain.
- Neither company announced a commercial rollout date or committed to broader production deployment.