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Lloyds settles $750,000 with Visa using USDC in cross-border pilot

Lloyds Banking Group settled $750,000 in cross-border obligations with Visa using USDC in a seven-day pilot that delivered funds in under an hour, including over the weekend.

Logos of Lloyds Bank and Visa stacked vertically on green and blue backgrounds.
Image: @BullTheoryio

Lloyds Banking Group completed a seven-day live pilot with Visa, using the USDC stablecoin to settle $750,000 of cross-border payment obligations. The UK banking institution purchased the USDC through regulated digital-asset exchange Archax to execute the settlement test.[3][4][5][2]

Funds transferred during the trial reached Visa in under an hour, including during weekend transactions. According to Lloyds, the pilot demonstrated that blockchain-based settlement can be faster and more flexible, highlighting its potential for enabling round-the-clock cross-border transfers.[1][2][3][5][6]

Key facts

  • Lloyds Banking Group completed a seven-day live pilot with Visa to settle $750,000 in cross-border payment obligations using USDC.
  • The USDC used for the settlement pilot was bought through the regulated digital-asset exchange Archax.
  • Funds reached Visa in less than an hour, including during weekend transfers.
  • Lloyds stated the pilot showed blockchain settlement can be faster and more flexible.
  • The pilot tested faster cross-border transfers and round-the-clock settlement across blockchains.

Sources 路 6 sources

  1. BT

    Bull Theory@BullTheoryioPost on X 路

    馃嚞馃嚙 UK's largest retail bank Lloyds completes its first cross-border stablecoin settlement with Visa, enabling 24/7 settlement including weekends. https://t.co/KuNXZ8RTMz

    Open source
  2. CN

    crypto.news@cryptodotnewsPost on X 路

    JUST IN: Lloyds Banking Group and Visa complete a 7-day $750K USDC settlement pilot The test showed funds could reach Visa in under an hour, including weekend transfers, highlighting the potential for faster round-the-clock settlement. https://t.co/ZJTB5vKJ7K

    Open source
  3. TB

    The Block@TheBlockCoPost on X 路

    THE BLOCK: UK-based Lloyds Banking Group said it has completed a live pilot with Visa to settle $750,000 of cross-border payment obligations in USDC. The bank said the funds reached Visa in under an hour, including on weekends, showing how blockchain-based settlement can be faster and more flexible.

    Open source
  4. TB

    The BlockArticle 路

    Lloyds, Visa settle $750,000 using USDC in live cross-border pilot Lloyds used USDC to settle $750,000 of payment obligations with Visa during a seven-day live cross-border pilot.

    Open source
  5. WB

    Wu Blockchain@WuBlockchainPost on X 路

    Lloyds completes first stablecoin settlement pilot with Visa using USDC Lloyds Banking Group, one of the UK鈥檚 largest retail banking groups and its largest digital bank, completed its first stablecoin settlement pilot with Visa, using USDC bought through regulated digital-asset exchange Archax to settle $750,000 in payment obligations over seven days. Funds reached Visa in under an hour, including over the weekend.

    Open source
  6. CB

    Crypto Briefing@Crypto_BriefingPost on X 路

    馃挜ICYMI: Lloyds and Visa completed a stablecoin settlement pilot, testing faster cross-border transfers and round-the-clock settlement across blockchains. https://t.co/OgoKcmKBCR

    Open source