Visa has developed the Visa Tokenized Asset Platform (VTAP) to facilitate the issuance of fiat-backed tokens by banks, enhancing efficiency in trading real-world assets.
Spanish bank BBVA is set to become one of the first institutions to implement Visa's platform, anticipating a live pilot by 2025.
With VTAP, banks can utilize smart contracts for the purchase of tokenized real-world assets, allowing for near-real-time settlements which could redefine asset exchanges.
Visa's prior engagement with blockchain technology includes processing stablecoin payments on Ethereum, marking a significant advancement in their digital asset strategy.
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