Visa and stablecoin infrastructure company Brale are piloting settlement using SBC, a U.S. dollar-backed stablecoin issued by Brale, on the Canton Network — the permissioned-but-privacy-preserving blockchain built by Digital Asset for regulated financial institutions. The two companies announced the collaboration on Wednesday, framing it as a test of whether blockchain-based settlement can satisfy the privacy and compliance standards that banks require.
SBC is fully backed by cash, cash equivalents, and short-term U.S. government bonds, with monthly reserve attestations from a third-party accounting firm. Its circulating supply stands at $8.99 million across 11 chains, per DefiLlama — reflecting a pilot-stage instrument, not a scaled issuance.
The proof of concept sits inside a larger stablecoin push at Visa. The company's stablecoin settlement pilot now spans nine blockchains and has reached a $7 billion annualized run rate, up 50% quarter over quarter, Visa said in April. Canton was among the five blockchains Visa added at that point.
The Canton Network, launched by Digital Asset in 2023 and now backed by more than 30 financial institutions, is designed to let participants transact on shared infrastructure without exposing sensitive transaction data to other network members. That configurability, rather than raw throughput or cost, is Canton's institutional sales pitch.
