Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.

Visa unveils VTAP, a new platform enabling banks to issue fiat-backed tokens on blockchain networks. BBVA plans a live pilot on Ethereum by 2025.

Visa has announced its new Visa Tokenized Asset Platform (VTAP), which is a new service offering designed to enable the issuance and management of fiat-backed tokens On Oct. 3 the financial services giant revealed its VTAP,

Competitors from the traditional finance space have recently entered the race, including PayPal, which launched its PYUSD stablecoin in August 2023, as well as a bevy of overseas offerings that provide yield to their customers—an option restricted in the U.S. due to regulatory uncertainty.

Global digital payments leader Visa has introduced the Visa Tokenized Asset Platform (VTAP). This innovation enables banks to issue and manage fiat-backed tokens on blockchain networks. VTAP is now available on the Visa Developer Platform for partner institutions to experiment with in a sandbox

Visa’s new Tokenized Asset Platform offers users end-to-end solutions for the secure issuance and management of fiat-backed tokens such as stablecoins and CBDCs.

Payments services giant Visa has launched the Visa Tokenized Asset Platform (VTAP), a b2b solution for commercial banks to issue fiat-backed tokens on the Ethereum network. In an announcement on October 3,