Visa Unveils New Tokenised Asset Platform for Banks
04.10.2024 18:30 1 min. read Alexander Stefanov
Visa has introduced the Tokenised Asset Platform (VTAP), allowing financial institutions to create and manage fiat-backed tokens, including stablecoins and tokenized deposits.
Currently in a testing phase, Visa plans to support live programs next year as banks prepare for customer launches.
VTAP enables banks to incorporate tokens into smart contracts, which could automate complex processes like managing credit lines by triggering payments when conditions are met.
Visa emphasizes the platform’s interoperability across multiple blockchains, allowing banks to connect with various partners and clients through a single API.
BBVA, a Spanish bank, is already testing the platform’s capabilities, focusing on the issuance and management of bank tokens on a test blockchain.
They aim to launch a pilot program with select customers on the Ethereum blockchain in 2025. BBVA’s Francisco Maroto sees this collaboration as a pivotal step toward enhancing banking services and developing innovative financial solutions through blockchain technology.
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