💳 Visa and Lloyds test stablecoin settlements
🪙 Lloyds and Visa completed a seven-day pilot using stablecoins to settle payment obligations worth $750,000. Lloyds called it the first test of stablecoin settlements between Visa and a major UK banking group.
💰 Lloyds purchased USDC through Archax, a UK-regulated digital asset exchange, for a series of US dollar settlements. The transactions were booked through Lloyds Corporate Markets in Jersey and transferred to Visa in the US. Funds reached Visa in less than an hour, including on weekends.
🏦 The pilot involved settlements between financial institutions, not customer payments. Lloyds noted that traditional cross-border settlements can take a day or more if initiated outside banking hours.
🪙 Lloyds and Visa completed a seven-day pilot using stablecoins to settle payment obligations worth $750,000. Lloyds called it the first test of stablecoin settlements between Visa and a major UK banking group.
💰 Lloyds purchased USDC through Archax, a UK-regulated digital asset exchange, for a series of US dollar settlements. The transactions were booked through Lloyds Corporate Markets in Jersey and transferred to Visa in the US. Funds reached Visa in less than an hour, including on weekends.
🏦 The pilot involved settlements between financial institutions, not customer payments. Lloyds noted that traditional cross-border settlements can take a day or more if initiated outside banking hours.
