Visa launches new platform for tokenized assets
October 03, 2024
Visa has officially introduced the Visa Tokenized Asset Platform (VTAP), a service offering for the issuance and management of fiat-backed tokens. This platform is designed to support a wide range of tokenized assets, including stablecoins and central bank digital currencies (CBDCs).
Project details
VTAP is aimed at serving both institutional investors and central banks. It provides a comprehensive infrastructure for minting, transferring, and settling digital assets, utilizing public blockchains and permissioned private networks.
Visa's Global Head of Innovation and Digital Partnerships noted that the company is excited to share its experience with tokenization to help banks integrate blockchain technologies into their operations.
VTAP testing stage
Currently, the platform is in the testing (sandbox) phase, with participants such as Banco Bilbao Vizcaya Argentaria (BBVA) evaluating its core functionalities. The main goal of this phase is to prepare for the pilot launch of VTAP in 2025 with selected clients. The platform will operate through the public Ethereum blockchain.