- Visa reports that BBVA is one of many participating institutions trying out VTAP.
- Interoperability across several blockchains is a key component of Visa’s platform concept.
To facilitate the issuance and management of digital assets, Visa unveiled its new Visa Tokenized Asset Platform (VTAP). The financial services behemoth unveiled the VTAP on October 3; it claims to be compatible with several tokenized assets, including stablecoins and CBDCs.
Visa reports that BBVA is one of many participating institutions trying out the VTAP’s foundational features during its current sandbox phase. The platform provides a comprehensive solution for the safe minting, transfer, and settlement of digital assets. This is on both public and permissioned blockchains. It is designed to meet the needs of institutional investors and central institutions.
Banking on Interoperability
Moreover, in Visa’s view, VTAP is a platform that may facilitate the digitization and automation of banking processes. Which in turn might enable the trading of novel real-world assets in the future.
Furthermore, the business used a bank as an example of an organization that uses smart contracts and tokens backed by fiat currency. In order to automate the management of complicated credit lines and the issuance of payments upon fulfillment of payment conditions.
In 2025, the massive financial services provider intends to use the public Ethereum blockchain to roll out VTAP in a live test phase with a small number of clients. Interoperability across several blockchains is a key component of Visa’s platform concept.
Visa, a major participant in the conventional financial sector, is marketing VTAP as a way to get to decentralized finance. The functionalities may be accessed by participating banks in a manner that is “always on and more efficient,” according to the minimum technological integration it provides.
Authorities in the US are still looking into Visa. The corporation was accused of running a debit payments monopoly in an antitrust lawsuit that was filed by the Department of Justice (DOJ) on September 24.
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