PANews reported on September 25 that according to Blockworks, Visa launched a new Tokenized Asset platform to help financial institutions test tokenized assets and smart contracts based on fiat currencies. The move aims to promote global standardization and simplify the interaction between banks and tokenized assets. Cuy Sheffield, head of Visa encryption, said that as more physical assets (such as real estate and debt securities) are put on the chain, banks have the opportunity to issue tokens backed by fiat currencies in a regulated manner. Spain's BBVA Bank has tested the issuance, transfer and redemption of bank tokens on the Visa platform and expects to conduct an initial pilot on the Ethereum blockchain in 2025.