Lloyds Banking Group and payments giant Visa completed a $750,000 USDC transfer in a cross-border settlement pilot, according to The Defiant, as cited by ChainCatcher. The test ran for seven days and moved funds from Jersey to the United States in less than an hour. The transfer was also completed over the weekend, showing that the process was not limited to standard banking hours. During settlement, Lloyds used the Canton Network, while Visa used a separate independent blockchain. The pilot used the stablecoin USDC to carry out the cross-border movement of funds.
Lloyds Banking Group and payments giant Visa completed a $750,000 USDC transfer in a cross-border settlement pilot, according to The Defiant, as cited by ChainCatcher.
The test lasted seven days and moved funds from Jersey to the United States in less than an hour. The transfer could also be completed over the weekend.
During settlement, Lloyds used the Canton Network, while Visa used another independent blockchain. The pilot used the stablecoin USDC for the cross-border transfer of funds.
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