Visa and Brale pilot privacy-enabled stablecoin settlement on Canton Network as payment giants back new platform

Jun 3, 2026

Visa and Brale are piloting a settlement system using the SBC stablecoin on the Canton Network, a privacy-preserving blockchain for financial institutions. The proof-of-concept aims to test how blockchain can support institutional payments while meeting bank-grade privacy and compliance standards. The move is part of Visa's broader stablecoin settlement initiative, which has reached a $7B annualized run rate, and comes as payment giants like Stripe and Mastercard also explore the technology.

Visa-Brale stablecoin settlement pilot

▪The announcement of the Visa-Brale pilot does not disclose settlement volumes, specific counterparties, or a timeline for moving to production.
▪Visa's stablecoin settlement pilot now spans nine blockchains, including Canton Network, Base, Polygon, Arc, Tempo, Ethereum, Solana, Avalanche, and Stellar.
▪As of April, Visa's broader stablecoin settlement pilot reached a $7 billion annualized run rate, a 50% increase from the prior quarter.
▪The pilot program is designed to test how privacy-enabled blockchain infrastructure can support institutional payment flows.
▪Visa and Brale have initiated a proof-of-concept to test stablecoin-based settlement using the SBC stablecoin on the Canton Network.

Canton Network privacy architecture

▪The Canton Network is a permissioned, privacy-preserving blockchain built by Digital Asset for regulated financial institutions.
▪The Canton Network allows participants to transact on shared infrastructure without exposing sensitive transaction data to other network members.

SBC stablecoin infrastructure

▪Brale provides monthly reserve attestations for its SBC stablecoin from a third-party accounting firm.
▪The SBC stablecoin is natively issued on the Canton Network, which avoids the settlement risks associated with bridging assets.
▪SBC is a U.S. dollar-backed stablecoin issued by Brale that is fully backed by cash, cash equivalents, and short-term U.S. government bonds.

Canton institutional adoption

▪More than 30 financial institutions back the Canton Network, including JPMorgan, HSBC, and DTCC.
▪JPMorgan's Kinexys unit plans to issue its JPM Coin (JPMD) natively on Canton, and HSBC completed a tokenized deposit pilot on the network in April.

Permissioned blockchain settlement landscape

▪U.S. cryptocurrency exchange Coinbase is also reportedly considering participating in the new stablecoin platform.
▪The total stablecoin market capitalization is approximately $325 billion, with Tether's USDT being the largest at $115 billion.
▪Global payment networks Stripe, Visa, and Mastercard are reportedly close to introducing a new, shared stablecoin platform.