The project focused on the institutional settlement process rather than consumer payments, utilizing Lloyds' branch in Jersey to execute transactions with Visa in the United States. To facilitate the transfer, Lloyds purchased USDC through the UK-regulated exchange Archax. The technical architecture relied on the Canton Network, where Lloyds operated a private node, while Visa managed settlement on a separate public blockchain. This cross-environment approach proved that institutions do not need to share a single network to leverage stablecoins for efficiency.
In section Cryptocurrency
Lloyds and Visa Complete $750,000 Stablecoin Settlement Test
Lloyds Banking Group and Visa have successfully concluded a seven-day pilot that settled $750,000 in cross-border payment obligations using USDC. By bypassing traditional banking hours, the trial demonstrated that financial institutions can complete settlement in under an hour, even during weekends, using interoperable blockchain infrastructure.
Peter Left, head of digital assets at Lloyds, emphasized that the trial moved blockchain utility beyond theoretical models into a live, real-world setting. By utilizing digital assets, the bank aims to reduce liquidity delays that typically plague international treasury operations over holidays and weekends. This initiative complements Lloyds’ broader research into tokenized deposits and digital money, as the bank continues to evaluate how blockchain integration can improve transparency and speed for corporate clients.
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