Lloyds, Visa Pilot Cross-Border Settlement Using USDC

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Lloyds Bank and Visa completed a seven-day pilot program for cross-border payment settlements. They used USDC, a stablecoin, to settle payment obligations totaling $750,000, exploring the efficiency of digital assets in international transactions.

Key facts

• Lloyds Bank and Visa conducted a seven-day cross-border settlement pilot.
• The pilot involved settling payment obligations using USDC, a stablecoin.
• The total value of settlements during the pilot was $750,000.
• The initiative aimed to assess the efficiency and viability of stablecoins for international financial transactions.