TL;DR:
- Visa and Brale launched a proof of concept to evaluate the SBC stablecoin as an institutional settlement layer on Canton Network.
- The project explores blockchain infrastructure with privacy controls that limit the visibility of sensitive data in programmable payment flows.
- Visa’s stablecoin settlement pilot reached an annualized rate of $7 billion in April, 50% more than the previous quarter.
Visa and stablecoin issuer Brale announced a proof of concept to evaluate the use of SBC, a US dollar-backed token issued by Brale, as an institutional settlement instrument on Canton Network. The initiative seeks to determine whether a blockchain infrastructure with privacy controls can support institutional payment flows without exposing sensitive transaction data to unauthorized parties.
According to a press release, the program aims to provide programmable payments with faster settlement times, while maintaining control over the visibility of transactional information. Cuy Sheffield, head of crypto at Visa, stated: “Through our work with Brale, we explore how SBC on Canton Network can support institutional settlement use cases that require both programmability and privacy controls. This collaboration helps us assess what is needed to bring these capabilities to production environments.”
Visa Injects Privacy Into Settlement Infrastructure
The focus on privacy is essential for the industry. For financial institutions processing high capital volumes, the exposure of transactional data on public networks represents a real operational and competitive risk. Canton Network was designed specifically to address that need, building controlled-access networks with selective visibility among participants.
Visa has been strengthening its presence in the stablecoin ecosystem since 2021, when it first enabled settlement in crypto assets. Its stablecoin settlement pilot recorded an annualized rate of $7 billion as of April 2025, representing a 50% growth compared to the previous quarter. The program currently operates on nine blockchains, including Ethereum, Solana, Avalanche, Base, Stellar, and Canton itself.
According to CoinGecko, the total stablecoin supply is approaching $315 billion. Tether’s USDT leads with approximately $188 billion, followed by Circle’s USDC with around $76 billion.
