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.
Goldman Sachs and BNY are set to unveil a groundbreaking blockchain initiative that will allow institutional investors to purchase tokenized shares of money market funds, according to CNBC.
Polymarket, the fast-growing crypto prediction market, is exploring the launch of its own stablecoin to capitalize on the yield generated from reserves backing USDC deposits.
PNC Financial Services Group has teamed up with Coinbase, enabling select customers to buy and sell cryptocurrencies directly from their PNC accounts.
Telegram has officially rolled out its TON Wallet to users in the United States, marking a major step forward in the integration of blockchain and messaging.