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 cost big introduced that VTAP is now accessible via its Developer Platform. This permits collaborating establishments to develop and take a look at digital belongings like stablecoins and Central Financial institution Digital Currencies (CBDCs).
At present, the platform operates in a sandbox surroundings, however Visa plans to make it out there for dwell use by 2025.
VTAP
Visa described VTAP as a approach to apply its information 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 shoppers in additional than 200 international locations.
VTAP is designed to offer 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 permit banks to make use of their fiat-backed tokens inside good contracts. This could assist automate present workflows and facilitate the trade of recent kinds of real-world belongings.
Vanessa Colella, Visa’s international head of innovation and digital partnerships, mentioned that VTAP would drive institutional adoption of blockchain expertise. 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 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 dwell 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 develop its providers and introduce new monetary options.
