Visa is testing private stablecoin settlement with infrastructure company Brale on the Canton Network, a permissioned blockchain backed by major Wall Street institutions. The proof of concept uses Brale’s US dollar-backed SBC stablecoin to assess whether privacy-enabled networks can support institutional payments without exposing sensitive transaction data. This extends Visa’s earlier work on public blockchains, now targeting banks that need on-chain efficiency without public disclosure.
Visa is conducting a proof of concept with stablecoin infrastructure company Brale and the Canton Network to test privacy-enabled blockchain networks for institutional stablecoin settlement. The project simulates payment flows using SBC, a US dollar-backed stablecoin issued by Brale, as stated in an announcement.
This initiative expands on Visa’s stablecoin settlement experiments that began in 2021 with USDC on Ethereum. The current effort targets banks and market infrastructure providers seeking on-chain efficiency without broadcasting transaction details on a public ledger.
S&P Global Ratings said in a report that global stablecoin issuance has surpassed $300 billion. The report noted most demand is still tied to crypto trading, but compliant US payment stablecoins could expand into merchant remittances and commercial payments.
The Canton Network, developed by Digital Asset, connects permissioned applications from institutions like JPMorgan and Goldman Sachs. Unlike public chains, Canton ensures only transaction participants and authorized regulators can see specific deal data while enabling atomic settlement.
The proof of concept will assess how Canton’s privacy architecture supports faster, programmable settlement with strict control over data visibility. According to the S&P Global report, stablecoins could threaten a portion of banks’ payments income and shift funding toward wholesale balances over time.
