Visa has announced its new Visa Tokenized Asset Platform (VTAP), which is a new service offering designed to enable the issuance and management of fiat-backed tokens 

On Oct. 3 the financial services giant revealed its VTAP, which it says is built to support a wide range of tokenized assets, including stablecoins and central bank digital currencies (CBDCs). 

Visa’s digital asset venture

The platform is positioning itself to cater to both institutional investors and central banks, offering an end-to-end infrastructure for securely minting, transferring and settling digital assets across public and permissioned blockchains. 

Vanessa Colella, the global head of innovation and digital partnerships at Visa said: 

“We're excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations.”

According to the announcement, the VTAP is currently in a sandbox phase, with participants like the Banco Bilbao Vizcaya Argentaria (BBVA) testing core functionalities of the platform. 

The goal is for the VTAP to be launched initially in a live pilot phase with select customers in 2025 via the public Ethereum blockchain.

This is a developing story, and further information will be added as it becomes available.