Visa Explores Stablecoin-Based Settlements on Canton Network

Visa has initiated a proof-of-concept (PoC) pilot on the Canton Network to evaluate the feasibility of using Brale's stablecoin, SBC, for institutional payment settlements.

The pilot focuses on testing the ability of financial institutions and payment companies to provide fast and programmable settlement services while controlling sensitive transaction data disclosure. This is in line with Visa's ongoing efforts to leverage blockchain technology for its operations.

Cuy Sheffield, Visa's head of crypto, stated that the company aims to assess whether SBC and the Canton Network can support institutional settlement use cases requiring both programmability and privacy controls.