Visa Unveils New Tokenized Asset Platform

According to Cointelegraph, Visa has introduced its Visa Tokenized Asset Platform (VTAP), a service designed to facilitate the issuance and management of fiat-backed tokens. Announced on October 3, the platform aims to support a variety of tokenized assets, including stablecoins and central bank digital currencies (CBDCs). Visa's VTAP is tailored for both institutional investors and central banks, providing a comprehensive infrastructure for the secure minting, transfer, and settlement of digital assets across both public and permissioned blockchains. Vanessa Colella, Visa's global head of innovation and digital partnerships, expressed enthusiasm about the initiative, stating, "We're excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations." Currently, VTAP is in a sandbox phase, with institutions like Banco Bilbao Vizcaya Argentaria (BBVA) testing its core functionalities. The platform is expected to enter a live pilot phase with select customers in 2025, utilizing the public Ethereum blockchain. This story is still developing, and more details will be provided as they become available.