[DigitalToday reporter Chi-gyu Hwang] Visa and Brale have begun a proof-of-concept (PoC) for stablecoin-based settlement of institutional payments on the Canton Network.
According to a recent report by The Block, the PoC centres on testing institutional payment flows on privacy-enabled blockchain infrastructure using SBC, a dollar-pegged token issued by Brale.
The Block reported that the goal is to assess whether financial institutions and payment companies can deliver fast, programmable settlement while directly controlling how much sensitive transaction data is disclosed.
Cuy Sheffield (쿠이 셰필드), Visa's head of crypto, said, "We are evaluating whether SBC and the Canton Network can support institutional settlement use cases that require both programmability and privacy controls."
Visa first began settling payments in stablecoins in 2021. As of April, its annualised settlement volume was $7 billion, up 50 percent from the previous quarter. It is currently operating on 9 blockchains including Ark, Base, Canton, Polygon, Tempo, Avalanche, Ethereum, Solana and Stellar.
Chi-gyu Hwang
delight@d-today.co.kr