Visa has unveiled its new Visa Tokenized Asset Platform (VTAP) to facilitate the issuance and management of digital assets. The platform, currently in a testing phase with Banco Bilbao Vizcaya Argentaria (BBVA) among participants, aims to support various tokenized assets like stablecoins and central bank digital currencies (CBDCs). Vanessa Colella, Visa's global head of innovation, views VTAP as a tool to help banks streamline processes and potentially revolutionize asset exchange. The company plans to pilot VTAP with select customers in 2025 on the public Ethereum blockchain, emphasizing interoperability across different blockchains. Despite its innovative strides, Visa faces legal challenges in the U.S., with the Department of Justice (DOJ) filing an antitrust suit alleging monopolistic practices in debit payments. Additionally, consumer watchdog Accountable.US has accused Visa and Mastercard of operating as a duopoly in the card payments sector to stifle competition. Read more AI-generated news on: https://app.chaingpt.org/news