Visa has launched the Visa Tokenized Asset Platform (VTAP), a brand new initiative to assist banks situation fiat-backed tokens on blockchain networks.
On Oct. 3, the digital fee large introduced that VTAP is now accessible via its Developer Platform. This permits taking part establishments to develop and take a look at digital property like stablecoins and Central Financial institution Digital Currencies (CBDCs).
Presently, the platform operates in a sandbox setting, however Visa plans to make it out there for reside use by 2025.
VTAP
Visa described VTAP as a strategy to apply its information of rising applied sciences, together with sensible contracts, to help banks in providing blockchain providers. The corporate plans to increase this answer to its world community of over 15,000 shoppers in additional than 200 international locations.
VTAP is designed to supply 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.
In line with Visa, VTAP will permit banks to make use of their fiat-backed tokens inside sensible contracts. This may assist automate current workflows and facilitate the alternate of latest varieties of real-world property.
Vanessa Colella, Visa’s world 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
In line with the press assertion, Banco Bilbao Vizcaya Argentaria (BBVA) is without doubt one of the early adopters of VTAP.
BBVA has been testing the platform’s essential functionalities within the sandbox this yr. These exams embrace the issuance, switch, and redemption of a financial institution token on a testnet blockchain, together with interactions with sensible contracts.
The agency plans to launch a reside 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.
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