Today Visa formally unveiled its Visa Tokenized Asset Platform (VTAP) to support stablecoins and tokenized deposits. Spanish bank BBVA plans to pilot a token on Ethereum starting in 2025.
Visa highlighted the potential to offer the service to its 15,000 banking network partners. “We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations,” said Vanessa Colella, Global Head of Innovation and Digital Partnerships, Visa.
The payment firm wants to make the process easier for banks by providing an API integration as a single point of access to multiple blockchains, both permissioned and permissionless. However, initially the platform supports a permissioned Ethereum compatible blockchain.
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