Visa has launched the Visa Tokenized Asset Platform (VTAP), a brand new initiative to assist banks concern fiat-backed tokens on blockchain networks.
On Oct. 3, the digital fee large introduced that VTAP is now accessible by its Developer Platform. This permits taking part establishments to develop and check digital property like stablecoins and Central Financial institution Digital Currencies (CBDCs).
At the moment, the platform operates in a sandbox surroundings, however Visa plans to make it out there for reside use by 2025.
VTAP
Visa described VTAP as a solution to apply its data of rising applied sciences, together with good contracts, to help banks in providing blockchain providers. The corporate plans to increase this resolution to its international community of over 15,000 purchasers in additional than 200 international locations.
VTAP is designed to supply Visa’s institutional purchasers 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 permit banks to make use of their fiat-backed tokens inside good contracts. This could assist automate present workflows and facilitate the trade of latest varieties of real-world property.
Vanessa Colella, Visa’s international 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 among the early adopters of VTAP.
BBVA has been testing the platform’s crucial functionalities within the sandbox this 12 months. These exams embrace the issuance, switch, and redemption of a financial institution token on a testnet blockchain, together with interactions with good contracts.
The agency plans to launch a reside pilot on the Ethereum blockchain with choose prospects in 2025.
Francisco Maroto, BBVA’s Head of Blockchain and Digital Property, emphasised that exploring blockchain’s potential will assist the financial institution increase its providers and introduce new monetary options.
