Lloyds Bank and Visa completed approximately 750000 USD stablecoin cross-border settlement pilot
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Lloyds Bank and Visa completed approximately 750000 USD stablecoin cross-border settlement pilot
PANews October 1 reported that Visa it was officially announced that Lloyds Banking Group and Visa completed approximately 750000 USD stablecoin cross-border settlement pilot, with funds arriving in approximately 1 hours, including weekends. 7-day pilot, Lloyds purchased through the UK-regulated exchange Archax USDC and settled to Visa, completing verification on the Canton private chain and a public blockchain to test cross-chain interoperability. This was Visa the first stablecoin settlement trial between https://www.panewslab.com/zh/articles/01a0f6ca-26d1-7579-8d5b-c318404da825
Key points
01
Lloyds Banking Group and Visa completed approximately 750000 USD stablecoin cross-border settlement pilot.
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Funds arrived in approximately 1 hours, including weekends.
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7-day pilot, Lloyds purchased through the UK-regulated exchange Archax USDC and settled to Visa.
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The pilot was validated on the Canton private chain and a public blockchain, and cross-chain interoperability was tested.
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This was Visa the first stablecoin settlement trial with a major UK banking group.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This pilot tested banks using stablecoin __BIBIBI_NUM_0USDC to Visa conduct cross-border settlements, covering private and public blockchains, and observed fund-arrival speed and cross-chain interoperability.
Why it matters to readers
It demonstrated a real-world test of stablecoins in cross-border settlement scenarios involving banks and payment networks.
Stablecoins generally refer to crypto assets that maintain a relatively stable value against fiat currencies and other assets; here, __BIBIBI_NUM_0USDC was used for settlement testing.
Risks and unknowns
Not provided in the supplied materials Visa Original announcement link.
The materials do not state whether this pilot will proceed to regularized or commercial settlement.
The materials do not specify the specific requirements of UK regulators for subsequent cross-border settlement using bank-issued stablecoins.
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Related concepts
Stablecoin
An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
