Visa introduces VTAP, a platform designed to enable banks to issue and manage stablecoins. BBVA, a large multinational bank based in Spain, is one of the first institutions to adopt this new technology from Visa.
Visa unveils the “ Visa Tokenized Asset Platform » (VTAP)
Visa, the global digital payments giant, recently announced the launch of the Visa Tokenized Asset Platform (VTAP), a new solution to help financial institutions issue and manage fiat-backed tokens, commonly known as stablecoins, on the blockchain.
This new service is already accessible to banks via the “ Visa Developer Platform “. With handling facilitated by APIs, this system aims to “ modernize existing financial infrastructure “.
Among the advantages of such a solution, VTAP notably allows “ advanced programmability », allowing banks to use smart contracts to automate various financial processes, such as the management of credit lines or the payment of purchases of tokenized goods in real time.
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BBVA, a large multinational bank based in Spain, is one of the first institutions to adopt this technology. It began testing the platform in 2024 and plans to launch a pilot program on Ethereum in 2025.
According to Vanessa Colella, Visa's global head of innovation, VTAP is part of Visa's desire to “ enable banks to integrate blockchain technologies into their operations », highlighting Visa’s pioneering role in the digital payments sector.
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With interoperability as a key objective, Visa plans to connect banks using VTAP to a wide range of public and private blockchains, paving the way for new payments and asset management opportunities through Web3.
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Source: Visa press release
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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