Lloyds Banking Group completes stablecoin settlement pilot with Visa using USDC

USDC: USDC is a USD-pegged stablecoin issued by Circle and designed to maintain stable value for use in digital payments and settlements. It supports fast, transparent transfers on blockchain networks and is increasingly adopted in institutional finance. In the reported pilot, USDC was purchased via Archax and used by Lloyds to settle obligations with Visa in under an hour. Visa: Visa is a global payments technology company that connects consumers, businesses, and financial institutions through its network for electronic transactions. The company is actively testing blockchain and stablecoin technologies to enhance settlement speed and efficiency. Here, Visa partnered with Lloyds Banking Group on the stablecoin pilot that settled payment obligations using USDC. Archax: Archax is a UK-regulated digital-asset exchange platform focused on providing institutional access to cryptocurrencies and stablecoins. It operates under regulatory oversight to facilitate compliant trading and custody services. Lloyds Banking Group used Archax to acquire the USDC for its Visa settlement pilot. Lloyds Banking Group: Lloyds Banking Group is one of the UK’s largest retail banking groups and its largest digital bank, offering a range of financial services to consumers and businesses. It has been exploring digital asset integrations as part of broader payments modernization efforts. In this news, the group completed its first stablecoin settlement pilot with Visa using USDC acquired through Archax. Adoption: Major UK banks are piloting stablecoin solutions to explore faster and more flexible payment settlements. Efficiency: Stablecoin settlements can operate continuously, including outside standard banking hours and over weekends. Regulation: The UK continues to develop supportive frameworks for digital assets that enable regulated entities to test blockchain-based payments.