Visa to Help Banks Issue Fiat-Backed Tokens on Ethereum Via New Tokenized Asset Platform
Summary
Visa has developed the Visa Tokenized Asset Platform (VTAP) to assist banks in issuing fiat-backed tokens on the Ethereum network. VTAP facilitates the creation of these tokens using smart contracts to digitize and automate processes for exchanging real-world assets (RWAs). Banks can use this platform for near-real-time settlement of tokenized RWAs like commodities or bonds. Spanish bank BBVA plans to launch a pilot in 2025. Visa's involvement in blockchain includes processing cryptocurrency payments in USDC on Ethereum since March 2021 and partnering with Brazil's central bank on a CBDC pilot project.
