According to TechFlow, Visa announced the launch of a new platform to assist financial institutions in issuing fiat-backed tokens and testing use cases.

Cuy Sheffield, head of Visa's crypto business, said that as more physical assets are put on the chain, banks have the opportunity to issue compliant fiat-backed tokens on the blockchain, allowing customers to participate in the on-chain capital market.

Visa has participated in the Hong Kong Monetary Authority’s digital Hong Kong dollar plan and the Brazilian central bank’s digital real pilot. Spanish bank BBVA has begun using Visa’s newly launched Tokenized Asset Platform (VTAP) sandbox.