Visa is testing a private stablecoin settlement system on Canton Network together with Brale. The project’s goal is to see whether financial institutions can benefit from blockchain without disclosing confidential transaction data.
This is a pilot project involving Brale and Canton Network, a permissioned blockchain backed by major Wall Street players. Visa is exploring the possibility of settling stablecoin transactions between institutional participants without publishing transfer data on a public ledger.
The initiative was announced on Thursday. The test uses SBC, a US dollar-pegged stablecoin issued by Brale. It is used to simulate settlement operations between financial institutions. Visa is evaluating whether SBC can become another asset for its stablecoin settlement program.
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This is not Visa’s first experience with stablecoins. The company began testing blockchain settlements back in 2021, when it used USDC on the Ethereum network. Now the focus is on the needs of banks and financial institutions that value speed and automation of settlements, but for whom fully open blockchains are not suitable.
The stablecoin market continues to grow. According to S&P Global Ratings, the volume of issued coins has already exceeded $300 billion. So far, they are mainly used within the crypto industry, primarily for trading digital assets.
However, discussions are increasingly about their use beyond the crypto market. After new rules were approved in the US, payment stablecoins may begin to be used for ordinary money transfers and settlements between companies. One of the first real-world scenarios often mentioned is international payments, although today their share of global cross-border transfers remains small.
Canton Network Is at the Center of Institutional Companies’ Attention
Canton Network was developed by Digital Asset. Participants in Canton Network already include JPMorgan, Goldman Sachs, BNP Paribas, and DTCC.
Transaction data within the network is not available to all users. Only the parties to the deal and regulators, if required within their authority, can see the information.
Canton allows operations with tokenized assets, digital money instruments, and other financial products without disclosing settlement details to the entire market.
The joint project between Visa and Brale aims to show how well this model works for settlements between banks and other financial institutions. The possibility of automating part of the processes without giving up confidentiality requirements is also being evaluated separately.
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For banks, the topic of stablecoins is becoming increasingly relevant. S&P Global Ratings believes that as such instruments spread, competition in the payments market may intensify.
That is why many major financial institutions are already exploring their own stablecoins and tokenized deposits. Against this backdrop, interest in infrastructure that combines blockchain and restricted data access continues to grow.
