Visa is working with Brale on a proof of concept for private stablecoin settlement in institutional payments. The project centres on Brale's US dollar-backed SBC stablecoin on the Canton Network.
The work will test whether privacy-focused blockchain infrastructure can support institutional payment settlement while limiting access to sensitive transaction data. Visa is evaluating SBC as another stablecoin option for institutional settlement, with the trial focused on how the network's design balances confidentiality with shared access.
Visa has been active in stablecoin settlement since 2021, when it began allowing certain VisaNet obligations to be settled using supported stablecoins. This latest initiative extends that work into an environment aimed at financial institutions and payment companies that want blockchain-based settlement without exposing detailed transaction information on public networks.
The collaboration reflects a broader debate in payments over whether stablecoins can move from pilot schemes into mainstream financial infrastructure. Banks, payment companies and other institutions have explored tokenised dollars for settlement, but privacy concerns, operational controls and compliance have often slowed wider adoption.
Canton Network is designed to let participants transact on shared infrastructure while limiting data visibility to relevant parties. That approach differs from many public blockchains, where transaction details can be visible across the network even when users are identified by wallet addresses rather than names.
For Visa, the appeal lies in whether a private or privacy-enabled network can meet the needs of institutions that require more control over transaction data than open blockchain systems typically provide. The work with Brale is intended to show how those controls could operate in payment settlement rather than in purely experimental token transfers.
Brale issues SBC, the stablecoin used in the proof of concept. Because the token is natively supported on Canton, the companies can test the settlement model without using a separate bridge or wrapper to move the asset onto the network.
Stablecoins are digital tokens designed to maintain a fixed value against a fiat currency, most commonly the US dollar. Supporters say they can reduce friction in moving money between institutions, especially across borders or outside normal banking hours. However, regulators and market participants continue to scrutinise their structure, reserves and oversight.
Visa has increasingly framed stablecoins as a potential settlement layer for payments rather than simply a tool for crypto trading. That stance has made the card network one of the more active large payments groups examining how blockchain systems might fit into existing financial rails, even as practical deployment remains limited and highly dependent on regulation and market demand.
Brale describes itself as a regulated stablecoin infrastructure platform that helps companies launch and operate fiat-backed digital currencies. Its role in the project gives Visa a partner focused on issuance and related functions such as minting, redemption, compliance controls and treasury management.
The use of a US dollar-backed token is notable because dollar stablecoins continue to dominate the sector, both in circulation and in institutional interest. If the test proves useful, it may help shape how payment networks and financial firms approach private blockchain environments for settlement tasks that require both shared infrastructure and restricted data access.
One question hanging over the sector is whether blockchain network design can meet institutional standards without sacrificing the interoperability that drew interest to stablecoins in the first place. By focusing on privacy architecture, the Visa-Brale project points to one possible route for firms seeking some of the efficiencies of tokenised settlement without the transparency of open-chain systems.
Cuy Sheffield, Head of Crypto at Visa, said the work is designed to examine both the settlement benefits and the controls needed for institutional use.
"Stablecoin settlement has shown how blockchain infrastructure can improve the speed and efficiency of money movement," Sheffield said. "Through our work with Brale, we're exploring how SBC on the Canton Network can support institutional settlement use cases that require both programmability and privacy controls. This collaboration helps us evaluate what it takes to bring these capabilities into production environments."
Ben Milne, Founder and CEO of Brale, said demand from financial institutions is shaping the direction of stablecoin infrastructure.
"Financial institutions are increasingly looking for stablecoin infrastructure that meets their operational, regulatory and privacy requirements," Milne said. "Working with Visa to explore SBC on Canton is an important step toward making stablecoin-based settlement more practical and scalable for real-world payment flows."