Lloyds and Visa Test Cross-Border Settlements with USDC
- Lloyds settled $750,000 in obligations to Visa using USDC during a seven-day pilot.
- Visa received the stablecoin settlements in under one hour, even on weekends.
- Lloyds used Canton blockchain for operations, while Visa supported settlement on a separate public blockchain.
The test demonstrated that cross-border settlements could be conducted efficiently outside traditional banking hours using stablecoins like USDC. This approach reduces idle funds and accelerates the settlement process, particularly during weekends and holidays.
By leveraging different blockchain environments, Lloyds and Visa showcased the potential for stablecoin settlements to enhance existing financial systems without replacing them entirely. Source
