Visa has unveiled the Visa Tokenized Asset Platform (VTAP), a revolutionary product designed to enable banks to issue and manage fiat-backed tokens on blockchain networks. As a global leader in digital payments, Visa continues to drive innovation by helping financial institutions bridge fiat currencies with blockchain technology.
BBVA, a leading global financial group, will leverage VTAP to create and manage tokens on the Ethereum blockchain, with live pilot programs expected to launch by 2025.
Empowering Financial Institutions Through Blockchain
The Visa Tokenized Asset Platform (VTAP), launched on the Visa Developer Platform, will allow financial institutions to issue, manage, and experiment with fiat-backed tokens in a sandbox environment. The platform’s initial phase offers participating financial institutions an opportunity to explore tokenization, with plans for live implementations in 2025.
Visa’s extensive network of over 15,000 financial institutions and its presence in more than 200 countries position it as a key player in driving seamless fiat transactions. By introducing VTAP, Visa is applying its vast expertise in digital payments and smart contracts to enhance the integration of blockchain technology within traditional banking systems.
“Visa has been a pioneer in digital payments for almost six decades, and with the launch of VTAP, we’re once again leading the charge,” stated Vanessa Colella, Global Head of Innovation and Digital Partnerships at Visa. Our experience in tokenization uniquely positions us to support banks in adopting blockchain technologies.
Key Features and Benefits of VTAP
VTAP is a cutting-edge, business-to-business (B2B) solution that provides banks with the ability to bring fiat currencies onto blockchain networks efficiently and securely. The platform offers several key advantages:
Easy Integration: VTAP allows banks to create, destroy, and move fiat-backed tokens, including stablecoins and tokenized deposits. The platform is accessible through an API and requires minimal technical setup. Participating banks can experiment with various use cases in a test environment, with plans for live programs once they are ready for launch in 2025.
Programmability: The platform allows banks to use their fiat-backed tokens in smart contracts, automating processes such as lines of credit or real-time settlement of tokenized assets. This technology enables banks to streamline operations, enhance efficiency, and develop new financial products for their clients.
Interoperability: Visa envisions a future where tokenized real-world assets are issued across multiple blockchain networks. With VTAP’s interoperability feature, banks can interact with partners on both permissioned and public blockchains, ensuring seamless integration across various ecosystems.
A Strategic Partnership with BBVA
BBVA has been actively working within the VTAP sandbox to test the issuance, transfer, and redemption of tokens on blockchain. These trials involve the use of smart contracts, paving the way for a live pilot on the Ethereum blockchain scheduled for 2025. The collaboration between Visa and BBVA represents a significant advancement in the development of tokenized solutions for the financial sector.
We’re proud to partner with Visa and lead the way in exploring the potential of blockchain technology, said Francisco Maroto, Head of Blockchain and Digital Assets at BBVA. This effort enables us to expand our banking services and deliver fresh, innovative financial solutions to our clients.
Shaping the Future of Financial Services
Visa is committed to working alongside financial institutions and fintech firms to develop secure, compliant frameworks that support the expansion of tokenized assets. By introducing VTAP, Visa is positioning itself as a critical player in the future of digital payments, helping to pave the way for new payment flows and blockchain-based innovations.
