Visa has launched the Visa Tokenized Asset Platform (VTAP), a brand new initiative to assist banks difficulty fiat-backed tokens on blockchain networks.
On October 3, the digital funds large introduced that VTAP is now accessible by its developer platform. This permits taking part establishments to develop and take a look at digital belongings equivalent to stablecoins and central financial institution digital currencies (CBDCs).
At the moment, the platform operates in a sandbox atmosphere, however Visa plans to make it out there for dwell use by 2025.
VTAP
Visa described VTAP as a approach to apply its data of latest applied sciences, together with sensible contracts, to assist banks supply blockchain providers. The corporate plans to increase this answer to its world community of greater than 15,000 shoppers in additional than 200 international locations.
VTAP is designed to offer Visa institutional shoppers with a complete infrastructure for the safe mining, switch and settlement of digital asset transactions on each private and non-private blockchains.
In line with Visa, VTAP will enable banks to make use of their fiat-backed tokens in sensible contracts. This might assist automate current workflows and facilitate the change of latest asset varieties in the true world.
Vanessa Colella, Visa's world head of innovation and digital partnerships, mentioned VTAP will drive institutional adoption of blockchain know-how. She added:
“We’re excited to leverage our tokenization experience to assist banks combine blockchain applied sciences into their operations.”
BBVA pilot
In line with a press launch, Banco Bilbao Vizcaya Argentaria (BBVA) is likely one of the first customers of VTAP.
This yr, BBVA examined the platform's vital capabilities in a sandbox. These checks embody issuing, transferring and cashing out a financial institution token on the testnet blockchain together with interactions with sensible contracts.
The agency plans to launch a dwell pilot on the Ethereum blockchain with choose clients in 2025.
Francisco Maroto, Head of Blockchain and Digital Belongings at BBVA, emphasised that exploring the potential of blockchain will assist the financial institution increase its providers and introduce new monetary options.
