Visa is preparing to debut its global Visa Tokenized Asset Platform (VTAP) in 2025, enabling banks to issue fiat-backed tokens like stablecoins and streamline digital transactions.
"Excited to introduce the Visa Tokenized Asset Platform, a new Visa product to help bring banks onchain..."
— Cuy Sheffield, Visa’s Head of Crypto
Key Features of VTAP
- Mint, Burn, Transfer: Banks can manage stablecoins and tokenized deposits.
- Blockchain Integration: Built on Ethereum for scalability and security.
- Interoperability: Future plans to connect cross-institutional transactions.
👉 How Visa’s VTAP could reshape banking
Pilot Testing on Ethereum in 2025
VTAP’s first live pilot will launch on the Ethereum blockchain in 2025, involving select financial institutions to test:
- Token issuance
- Real-world transfers
- Settlement efficiency
Initially focused on internal banking operations, Visa aims to expand VTAP’s utility for broader institutional use.
BBVA as First VTAP Adopter
Spanish bank BBVA is among the early testers, leveraging VTAP to issue its EUR/USD-backed stablecoin.
| BBVA’s Stablecoin Plan | Details |
|------------------------|---------|
| Backing | Euro or U.S. dollar |
| Initial Use | Internal transactions |
| Future Goal | Client-facing solutions |
Francisco Maroto, BBVA’s Head of Blockchain, stated:
"Blockchain could transform how we exchange value digitally, reshaping the financial system."
FAQs
1. What is VTAP?
Visa’s platform for banks to issue and manage regulated stablecoins on blockchain networks.
2. Which blockchain does VTAP use?
Initially Ethereum, with potential for multi-chain support.
3. When will VTAP go live?
2025, following current testing phases.
👉 Why Ethereum was chosen for VTAP
The Future of Bank-Issued Stablecoins
Visa’s VTAP signals a major step toward traditional finance (TradFi) and decentralized finance (DeFi) convergence, offering banks:
- Cost-efficient settlements
- 24/7 transaction capabilities
- Enhanced liquidity management
Keywords: Visa VTAP, stablecoin platform, Ethereum blockchain, BBVA stablecoin, tokenized deposits, blockchain banking, fiat-backed tokens
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