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.
Bhutan is taking a bold step in merging tourism and digital finance by enabling crypto payments for visitors across the country.
Tether, best known for powering the USDT stablecoin, is stepping beyond finance and into artificial intelligence.
Europe’s central bank has kicked off a major experiment to see how a digital euro might work in real life.
In a move to reshape how money moves across Africa, Circle is teaming up with Onafriq to introduce USDC as a low-cost, digital alternative for cross-border payments.