Visa has announced the launch of its new Visa Tokenized Asset Platform (VTAP), designed to support the issuance and management of fiat-backed tokens, Cointelegraph reported.
The platform supports a variety of tokenized assets, including stablecoins and central bank digital currencies (CBDCs), and provides institutional investors and central banks with an end-to-end infrastructure to securely mint, transfer and settle digital assets.
Visa hopes to use its experience in tokenization to help banks integrate blockchain technology into their operations, said Vanessa Colella, Visa’s global head of innovation and digital partnerships.
Currently, VTAP is in a sandbox phase, with participants such as Banco Bilbao Vizcaya Argentaria (BBVA) testing the core functionality of the platform. An initial pilot is planned for 2025 via the public Ethereum blockchain.
