Lloyds and Visa Complete $750,000 USDC Settlement Pilot on Canton Network
The settlement time compared with the day or more typically required for standard cross-border settlement, according to the information shared by BSCN. The pilot therefore provided a direct test of how a stablecoin-based payment could be used between established financial institutions.
Lloyds Used Canton Network Node for the Pilot
Lloyds operated its own node on the Canton Network during the seven-day pilot. The bank purchased the USDC used for settlement through Archax, a UK-regulated cryptocurrency exchange, according to BSCN.
The arrangement placed the stablecoin acquisition and blockchain settlement within a defined institutional workflow. Rather than relying solely on conventional banking rails, Lloyds used USDC to transfer the payment obligation to Visa during the live test.
Visa handled its side of the transaction on a separate public blockchain. The setup therefore involved different blockchain environments for the participating institutions while enabling the payment obligation to be settled using the same stablecoin.
Settlement Completed Outside Banking Hours
One of the specific results highlighted by BSCN was the speed of the settlement. The $750,000 payment reached Visa in less than an hour, including when the transfer occurred outside banking hours.
Traditional cross-border settlement can normally take a day or more, according to the source. The pilot demonstrated a different settlement process in which the transfer of USDC was not limited to conventional banking-hour schedules.
The trial lasted seven days and involved an actual settlement rather than a laboratory-only demonstration. However, the source did not provide additional details on the number of transactions conducted during the pilot, the specific dates of the trial, or whether the arrangement will be expanded into a broader commercial service.
Institutional Stablecoin Settlement
The pilot brought together Lloyds, Visa, Canton Network and Archax in separate roles. Lloyds operated the Canton Network node and obtained USDC through Archax, while Visa processed its side of the settlement on another public blockchain.
The reported results provide a specific example of stablecoin settlement being tested by established financial institutions across different blockchain networks. The available information, however, does not establish whether the pilot will lead to a permanent settlement arrangement or broader deployment by either company.
For now, the seven-day trial represents the reported scope of the live test, with $750,000 in payment obligations settled using USDC and funds reaching Visa in under an hour.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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