Visa announced a proof of concept with Brale to explore settlement using SBC, a dollar backed stablecoin issued by a Brale affiliate, on the Canton Network. The collaboration will test how Canton’s privacy architecture can support institutional payment flows. Visa already supports card issuer to acquirer settlement using stablecoins. But the more interesting question is what Visa is actually evaluating here.
SBC has around $9.1 million in total issuance across multiple blockchains. Brale holds 38 state money transmitter licenses but lacks coverage in New York and California and has no BitLicense. USDC has been the default stablecoin used by Visa for card settlement, and its Canton variant USDCx has been live since December 2025 via Circle’s xReserve. It was already used in Canton working group transactions for US Treasury financing alongside Bank of America, Virtu and others
So if Visa wanted to test stablecoin settlement on Canton, it could simply use USDC. It chose not to.
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