Visa Launches VTAP on Ethereum for Banks to Issue Fiat-Backed Tokens

Oct 3, 2024, 12:04 PM

Visa has introduced the Visa Tokenized Asset Platform (VTAP), designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks. The platform will enable banks to explore the use of smart contracts and tokenization. VTAP will facilitate the creation and issuance of tokens on the public Ethereum blockchain, with initial live pilots expected in 2025. BBVA is among the first banks to use VTAP for token creation. The platform is available on the Visa Developer Platform, allowing financial institutions to experiment with tokenization. The initiative is part of Visa's broader strategy, known as BSW, and is represented by the ticker symbol $V.