Visa pilots Brale stablecoin settlement on Canton network

Visa is running a proof of concept to settle Brale’s US dollar stablecoin, SBC, on Digital Asset’s permissioned Canton network. Announced Thursday, the test will examine whether a privacy-enabled ledger can support institutional payment and settlement flows without revealing sensitive transaction details.

The pilot uses SBC to simulate bank and market infrastructure settlement as Visa evaluates adding the token to its settlement program. The project pairs Visa with stablecoin infrastructure firm Brale and the Canton network, which is designed for regulated institutions and market utilities.

Canton is a permissioned ledger that restricts access to transaction data so only transaction participants and authorized regulators can view deal details. The network supports atomic settlement across tokenized assets and cash-like instruments while keeping transaction-level data private.

Visa’s work builds on earlier experiments with onchain settlement that began in 2021, when the company tested USDC settlement on a public blockchain. Public chains generally make transactions and counterparty information widely visible; Canton aims to allow onchain efficiency while limiting who sees counterparties, positions and flows.

Digital Asset developed Canton and the network is used by institutions including JPMorgan, Goldman Sachs, BNP Paribas and the Depository Trust & Clearing Corporation. The proof of concept will assess Canton’s ability to enable faster, programmable settlement while enforcing strict controls over data visibility.

A ratings firm reported global stablecoin issuance has topped $300 billion across currencies, with much current demand linked to trading. The firm noted that U.S. payment stablecoins that meet proposed GENIUS Act rules could expand into merchant remittances and some commercial payments once regulations are finalized, and identified cross-border payments as a near-term use case.

Analysts and banks are testing private settlement networks in part because stablecoins and tokenized deposits could affect payments revenue and funding models. Institutions that issue stablecoins or tokenized deposits may generate new fee income and funding sources, prompting tests of networks that combine programmability with transaction privacy and regulatory oversight.

The proof of concept will specifically evaluate Canton’s programmable settlement features and the network’s controls over who can view transaction data, as Visa and Brale determine whether SBC could be offered through Visa’s settlement program. No timetable for broader deployment was provided. The trial adds to a series of tests by payment firms and banks exploring how regulated stablecoins could operate alongside privacy, compliance and operational requirements.