THURSDAY, Visa Inc. V announced its new Visa Tokenized Asset Platform (VTAP). It is designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks, linking existing fiat currencies with blockchain technology.
BBVA tested key features of VTAP this year, including the issuance, transfer and exchange of a banking token on a testnet blockchain. They aim to launch a first pilot project with selected customers on the public Ethereum blockchain in 2025.
“Visa has been at the forefront of digital payments for nearly six decades, and with the introduction of VTAP, we are once again setting the tone for the industry,” said Vanessa Colella, global head of innovation and of Visa’s digital partnerships.
Visa’s VTAP enables banks to introduce fiat currencies onto blockchain networks securely and efficiently.
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It offers easy integration with minimal technical setup via accessible APIs, allowing banks to create and transfer fiat currency-backed tokens.
VTAP supports programmability, allowing banks to use smart contracts to automate workflows and transactions.
Additionally, it promotes interoperability between various blockchains, facilitating secure cross-chain exchanges of real-world tokenized assets.
“This collaboration marks an important step in our exploration of the potential of blockchain technology and will ultimately allow us to expand our banking services and expand the market with new financial solutions,” said Francisco Maroto, Head of Blockchain and digital assets at BBVA.
Price action: V shares are trading down 0.26% at $276.69 at last check on Thursday.
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