Visa launched the Visa Tokenized Asset Platform (VTAP) to help banks issue fiat-backed tokens. BBVA will use VTAP to create tokens on the public Ethereum blockchain and conduct a live pilot in 2025. The VTAP solution is available on the Visa developer platform for financial institutions to create and experiment with their own tokens.

BlockBeats news, October 4, according to official news, Visa launched the Visa Tokenized Asset Platform (VTAP), which will help banks issue fiat-backed tokens. BBVA will use VTAP to create tokens on the public Ethereum blockchain, and is expected to conduct a live pilot in 2025. The VTAP solution is available on the Visa developer platform for participating financial institution partners to create and experiment with their own fiat-backed tokens in the VTAP sandbox. BBVA has been working in the VTAP sandbox this year and has been testing the core functions of the VTAP sandbox, including the issuance, transfer and redemption of bank tokens on the testnet blockchain, as well as the interaction of tokens with smart contracts, in order to launch an initial live pilot with some customers on the public Ethereum blockchain in 2025. “For nearly 60 years, Visa has been at the forefront of digital payments, and with the launch of VTAP, we are once again leading the way for the industry,” said Vanessa Colella, global head of innovation and digital partnerships at Visa. “We are excited to leverage our experience in tokenization to help banks integrate blockchain technology into their operations.”

Visa Launches Tokenized Asset Platform VTAP