CoinMeta data: Lloyds Banking Group and Visa completed a seven-day stablecoin pilot project, successfully settling $750,000 in cross-border payments. The funds arrived at Visa in less than an hour, and this was achieved even on weekends. During this pilot, USDC was used for US dollar settlements. Lloyds purchased USDC through the UK-compliant digital asset exchange Archax and then transferred the settlement funds to Visa. This pilot tested the settlement process of stablecoins between financial institutions. Lloyds noted that traditional cross-border settlements usually take one day or longer, whereas during this pilot, the funds arrived at Visa in less than an hour.