Visa Teams Up with BBVA To Issue Fiat-Backed Tokens On Blockchain Networks, Plans Initial Pilot By 2025
Portfolio Pulse from Nabaparna Bhattacharya
Visa Inc. has announced the Visa Tokenized Asset Platform (VTAP) in collaboration with BBVA to issue fiat-backed tokens on blockchain networks. BBVA has been testing VTAP functionalities and plans a pilot on the Ethereum blockchain by 2025. VTAP aims to integrate fiat currencies with blockchain technology, offering banks the ability to mint and transfer fiat-backed tokens with minimal technical setup.
October 03, 2024 | 6:06 pm
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Visa's introduction of the Visa Tokenized Asset Platform (VTAP) in partnership with BBVA marks a significant step in integrating fiat currencies with blockchain technology. This initiative could enhance Visa's position in digital payments and blockchain solutions.
Visa's VTAP represents a strategic move to integrate fiat currencies with blockchain, potentially enhancing its market position in digital payments. The partnership with BBVA and the planned pilot on Ethereum by 2025 could drive innovation and adoption, positively impacting Visa's stock.
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