Key Takeaways
- Visa and Brale partner to conduct proof-of-concept (PoC) using stablecoins on the Canton Network
- PoC to measure speed a platform with privacy protection can provide for institutional payment flows
Visa and Brale Conduct PoC
Payment giant Visa. in collaboration with cryptocurrency infrastructure company Brale, announced on June 4 that it would conduct a proof-of-concept (PoC) for institutional payments using the dollar-pegged stablecoin “SBC” on the Canton network.
SBC, natively compatible with the Canton network, is a US dollar-pegged stablecoin issued by Brale. This PoC will measure the speed and programmability a blockchain platform equipped with privacy protection can provide for the actual payment flows of institutional investors.
Beginning in 2021, Visa had already supported stablecoin payments. It eventually settled VisaNet’s payment obligations with compatible stablecoins, but it only did this gradually. In this collaboration, SBC is being examined as an additional option for the settlements of institutional investors.
Evaluation Focuses on Privacy Requirements
Known for its design that allows participants to transact on shared infrastructure, the Canton Network, simultaneously limits the visibility of highly sensitive payment information. The network is highly prized by financial institutions for its ability to operate blockchain payments while abiding by rigid privacy and compliance requirements, unlike many public blockchains.
Visa’s cryptocurrency division head Cuy Sheffield said, “We are exploring how SBCs on the Canton network can support institutional investor payment use cases that require both programmability and privacy controls.” Founder and CEO of Brale, Ben Milne, also said, “This is an important step toward a stablecoin infrastructure that meets the operational, regulatory, and privacy requirements that financial institutions demand.”
Visa announced on April 29 that it would add support for five chains—Arc, Base, Canton, Polygon, and Tempo—in its stablecoin international settlement pilot program, increasing the number of supported blockchains to a total number of nine.
“Based on the results of this PoC with Brale, we will proceed with evaluating the technical requirements needed to incorporate SBCs into production environments.”
