According to CoinMeta, one of the largest retail banking groups in the UK, Lloyds Banking Group, completed its first stablecoin settlement pilot with Visa. During a seven-day test period, Lloyds used USDC purchased through the UK-regulated digital asset exchange Archax to settle payments totaling $750,000 in Visa. The funds were transferred within an hour, including during weekends. The pilot also tested settlements between private chains and public chains: Lloyds utilized its own Canton Network nodes, while Visa supported settlements on another public chain to verify cross-chain interoperability.