Payment giant Visa has introduced a new platform aimed at helping financial institutions issue fiat-backed tokens and experiment with their use cases. The initiative reflects the company’s goal of creating a global standard that facilitates interaction between financial institutions in the blockchain technology space.
Cuy Sheffield, head of Crypto development at Visa, highlighted how the increasing tokenization of real assets, from real estate to debt securities, is creating a need to bring forms of money onto blockchain platforms for trading. Sheffield stated: “We think this is going to create a significant opportunity for banks to issue their fiat-backed tokens on the blockchain, do it in a regulated way and allow their users to access and participate in these on-chain capital markets.”
