Visa's New Project: It Will Issue Its First Coin to Spain's Second Largest Bank!
Financial giant Visa has introduced the Visa Tokenized Asset Platform (VTAP) to combine blockchain technology with fiat currencies.
VTAP will help financial institutions issue and manage fiat-backed tokens on blockchain networks. The tool, which can be accessed through Visa's Global Developer Platform, allows financial institutions to create their own fiat-backed tokens under the VTAP umbrella.
Visa will gain an advantage with blockchain
VTAP, which will be launched as a B2B product, allows banks to move their fiat currencies to the blockchain securely, smoothly and efficiently.
According to the statement made by Visa, VTAP allows banks to create and use fiat-backed tokens such as tokenized deposits and stablecoins. The platform will be available in a test environment and will support real programs when banks are ready in 2025.
Banking giant BBVA has been working in the VTAP sandbox this year, testing basic functions such as the issuance, transfer and use of bank tokens on a testnet. BBVA aims to launch a live pilot on the Ethereum blockchain with select customers in 2025.
Visa, which stated that banks will be able to use fiat-backed tokens in smart contracts through VTAP, also aims to make VTAP compatible across blockchains.
Stay tuned for new information.
