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.
Leading crypto exchange Coinbase (COIN) is set to launch perpetual-style futures contracts in the United States starting July 21, becoming one of the first regulated entities to offer a product that closely mirrors globally popular offshore perpetuals.
Zero-commission brokerage Robinhood has expanded its cryptocurrency futures offerings by launching micro futures contracts for XRP, Solana (SOL), and Bitcoin (BTC).
In a landmark move for the city’s digital asset strategy, GF Securities (Hong Kong) has become the first securities firm in Hong Kong to issue tokenized securities fully on-chain via HashKey Chain.
Stablecoins are failing where it matters most, says the Bank for International Settlements (BIS), which sharply criticized the asset class in its latest annual report.