Lloyds and Visa settle $750K in stablecoins in a live cross-border pilot, with funds arriving in under an hour

Lloyds Banking Group and Visa have completed a seven-day live pilot of cross-border settlement in stablecoins. Through a series of real transactions, Lloyds settled $750,000 of payment obligations with Visa.

The volume was booked through Lloyds' Corporate Markets branch in Jersey and transferred to Visa in the US. Funds reached Visa in under an hour, including over the weekend, when settlement started outside banking hours can otherwise take a day or more.

The pilot also tested interoperability across chains: Lloyds used its own node on the Canton Network, while Visa settled on a separate public blockchain.

Peter Left, head of digital assets at Lloyds Banking Group, said it shows how digital money could make international payments faster and more transparent for businesses. Rob Cameron, Visa's group country manager for the UK and Ireland, said stablecoins can work alongside existing banking infrastructure.