Visa has launched the Visa Tokenized Asset Platform (VTAP), a brand new initiative to assist banks situation fiat-backed tokens on blockchain networks.
On Oct. 3, the digital cost big introduced that VTAP is now accessible by means of its Developer Platform. This allows collaborating establishments to develop and take a look at digital property like stablecoins and Central Financial institution Digital Currencies (CBDCs).
Presently, the platform operates in a sandbox surroundings, however Visa plans to make it accessible for stay use by 2025.
VTAP
Visa described VTAP as a method to apply its information of rising applied sciences, together with sensible contracts, to help banks in providing blockchain companies. The corporate plans to increase this answer to its world community of over 15,000 shoppers in additional than 200 international locations.
VTAP is designed to supply Visa’s institutional shoppers with an end-to-end infrastructure for securely minting, transferring, and settling digital asset transactions on each private and non-private blockchains.
Based on Visa, VTAP will enable banks to make use of their fiat-backed tokens inside sensible contracts. This is able to assist automate present workflows and facilitate the alternate of latest varieties of real-world property.
Vanessa Colella, Visa’s world head of innovation and digital partnerships, mentioned that VTAP would drive institutional adoption of blockchain know-how. She added:
“We’re excited to leverage our expertise with tokenization to assist banks combine blockchain applied sciences into their operations.”
BBVA’s pilot
Based on the press assertion, Banco Bilbao Vizcaya Argentaria (BBVA) is likely one of the early adopters of VTAP.
BBVA has been testing the platform’s vital functionalities within the sandbox this yr. These assessments embrace the issuance, switch, and redemption of a financial institution token on a testnet blockchain, together with interactions with sensible contracts.
The agency plans to launch a stay pilot on the Ethereum blockchain with choose clients in 2025.
Francisco Maroto, BBVA’s Head of Blockchain and Digital Belongings, emphasised that exploring blockchain’s potential will assist the financial institution increase its companies and introduce new monetary options.
