Lloyds Banking Group and Visa have completed a seven-day live pilot settling $750,000 of payment obligations in USDC. Lloyds announced the results on September 30, describing it as Visa’s first stablecoin settlement trial with a major UK banking group.
Lloyds purchased the USDC through UK-regulated digital asset exchange Archax and booked the transactions through its Corporate Markets branch in Jersey. The funds were transferred to Visa in the United States to meet actual dollar-denominated settlement obligations.
Funds reached Visa in under an hour, including over the weekend. Lloyds said conventional cross-border settlement can take a day or longer outside banking hours. The trial tested how institutions exchange and reconcile funds behind payments, rather than how customers pay.
The pilot also connected different blockchain environments. Lloyds operated its own Canton node, using the network’s configurable privacy features, while Visa supported settlement on a separate public blockchain. Lloyds did not name that public network in its announcement.
The test builds on Visa’s settlement expansion. In April, Visa added five networks, including Canton, bringing its supported blockchains to nine. At that time, the company reported a $7 billion annualized stablecoin settlement run rate.
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