Lloyds Banking Group completed its first stablecoin settlement pilot with Visa, processing $750,000 in payment obligations over seven days using USD Coin (USDC). The pilot achieved near real-time settlements with transfers reaching Visa within one hour, including weekend transactions when traditional systems face delays. Lloyds sourced USDC through Archax, a regulated UK digital asset exchange, emphasizing compliance with financial regulations. The blockchain-based settlement system operated 24/7, demonstrating potential advantages over conventional payment rails that are constrained by banking hours.
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