VISA has announced the launch of the VISA Tokenized Asset Platform ( VTAP), a new product designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks.
As reported by BitKE, VISA, which recently revealed that its VISA tokens have generated more than $40 billion in incremental ecommerce revenue for businesses globally, says the new platform is designed to help financial institutions issue and manage fiat-backed tokens on blockchain networks.
MILESTONE | VISA Issues 10 Billion Tokens, Generating $40 Billion in Incremental e-Commerce Globally
Currently, 29% of all transactions processed by VISA use tokens, reflecting their widespread adoption and the trust consumers place in this secure payment method.… pic.twitter.com/UmBLJ4xI2l
— BitKE (@BitcoinKE) June 13, 2024
The VTAP solution is available on the VISA Developer Platform for participating financial institution partners to create and experiment with their own fiat-backed tokens in a VTAP sandbox, said VISA.
“VISA has a global network of more than 15,000 financial institutions and helps facilitate seamless transactions of fiat currencies across more than 200 countries and territories,” said VISA.
“Now, VISA is applying its expertise in new technologies, such as smart contracts, to enable banks to issue and transfer fiat-backed tokens over blockchain networks.”
Developed by VISA’s in-house blockchain experts, VTAP is a B2B solution designed to enable banks to bring fiat currencies onchain in a safe, seamless, and efficient manner.
It is easy to integrate the system and users can implement additional functionality depending on their operational workflows.
VTAP also provides a platform for banks to mint, burn, and transfer fiat-backed tokens, such as tokenized deposits and stablecoins, and experiment with use cases. This is available in a test environment with plans to support live programs in 2025 and when participating banks are ready to launch with end customers.
Participating banks can access the complete suite of VTAP services via APIs designed to help enhance existing financial infrastructure to be always on and more efficient.
The platform is designed to enable banks to use their fiat-backed tokens within smart contracts, allowing room for programmable use-cases.
VISA says its vision is to enable interoperability across different blockchains for banks utilizing the VTAP platform.
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