Visa and Brale initiated a proof-of-concept to evaluate stablecoin-based settlement using SBC, a U.S. dollar-backed token issued by Brale, on the Canton Network, the companies announced in a statement released Thursday. The program tests how privacy-enabled blockchain infrastructure can support institutional payment flows, including faster and programmable settlement, while allowing financial institutions and payment firms to maintain control over the visibility of sensitive transaction data. Visa believes stablecoins represent a scalable, next-generation settlement layer for global payments.
Visa Evaluates SBC for Institutional Settlement on Canton Network
Visa plans to evaluate SBC as an additional stablecoin option for institutional settlement use cases, with native support on the Canton Network enabling testing across real-world payment flows. "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," Cuy Sheffield, Visa's Head of Crypto, said in the release. "This collaboration helps us evaluate what it takes to bring these capabilities into production environments."
Visa's Stablecoin Settlement Pilot Reaches $7 Billion Annualized Run Rate
Visa first enabled stablecoin settlement in 2021. Visa's stablecoin settlement pilot reached a $7 billion annualized run rate as of April, a 50% increase from the prior quarter. The pilot now spans nine blockchains, including Arc, Base, Canton, Polygon, Tempo, Avalanche, Ethereum, Solana, and Stellar.
Dollar-Pegged Stablecoin Supply Approaches $300 Billion
The total supply of dollar-pegged tokens is approaching $300 billion, according to The Block's data dashboard. Tether's USDT accounts for roughly $188 billion of that total, while Circle's USDC ranks second at approximately $76 billion.
FAQ
What did Visa and Brale announce on Thursday?
Visa and Brale announced a proof-of-concept to evaluate stablecoin-based settlement using SBC, a U.S. dollar-backed token issued by Brale, on the Canton Network. The program tests privacy-enabled blockchain infrastructure for institutional payment flows.
What is the current annualized run rate of Visa's stablecoin settlement pilot?
Visa's stablecoin settlement pilot reached a $7 billion annualized run rate as of April, representing a 50% increase from the prior quarter. The pilot operates across nine blockchains.
How large is the total supply of dollar-pegged stablecoins?
The total supply of dollar-pegged tokens is approaching $300 billion. Tether's USDT accounts for roughly $188 billion of that total, while Circle's USDC ranks second at approximately $76 billion.
