Overview
- Lloyds and Visa ran a seven-day live pilot that used USDC to settle $750,000 of cross-border bank-to-bank obligations with funds reaching Visa in under an hour, including on weekends.
- Lloyds purchased USDC through UK-regulated exchange Archax and booked the transactions through its Corporate Markets branch in Jersey before transferring the tokens to Visa in the United States.
- The trial routed transactions across two environments, with Lloyds operating a Canton Network node that uses configurable privacy controls and Visa settling on a separate public blockchain to test cross-network interoperability.
- The pilot focused on institutional settlement mechanics rather than customer payment flows and aimed to show how round-the-clock token transfers can give treasuries clearer timing and reduce liquidity tied up during bank closures.
- The test builds on prior tokenisation experiments by Lloyds and Visa and will inform follow-on pilots and operational integration work as banks and payment firms evaluate regulated on/off ramps and privacy needs.