Visa has launched the Visa Tokenized Asset Platform (VTAP), a brand new initiative to assist banks concern fiat-backed tokens on blockchain networks.
On October 3, the digital fee big introduced that VTAP was now accessible via its developer platform. This permits collaborating establishments to develop and check digital belongings equivalent to stablecoins and central financial institution digital currencies (CBDCs).
Presently, the platform operates in a sandbox setting, however Visa plans to make it accessible for stay use by 2025.
VTAP
Visa described VTAP as a option to apply its information of rising applied sciences, together with sensible contracts, to assist banks provide blockchain providers. The corporate plans to broaden this resolution to its world community of greater than 15,000 clients in additional than 200 international locations.
VTAP is designed to offer Visa's institutional shoppers with an end-to-end infrastructure to securely create, switch and settle digital asset transactions on private and non-private blockchains.
In line with Visa, VTAP will permit banks to make use of their fiat-backed tokens in sensible contracts. This could assist automate present workflows and facilitate the trade of recent varieties of real-world belongings.
Vanessa Colella, world head of digital innovation and partnerships at Visa, stated VTAP would drive institutional adoption of blockchain expertise. She added:
“We’re excited to leverage our expertise in tokenization to assist banks combine blockchain applied sciences into their operations.”
The BBVA pilot
In line with the press launch, Banco Bilbao Vizcaya Argentaria (BBVA) is an early adopter of VTAP.
BBVA examined important platform options within the sandbox this yr. These exams embody the issuance, switch and redemption of a banking token on a blockchain testnet, in addition to interactions with sensible contracts.
The corporate plans to launch a stay pilot on the Ethereum blockchain to chose clients in 2025.
Francisco Maroto, Head of Blockchain and Digital Belongings at BBVA, highlighted that exploring the potential of blockchain will assist the financial institution broaden its providers and introduce new monetary options.
