Visa to Launch Global Visa Tokenized Asset Platform (VTAP) in 2025
Visa is set to introduce its global Visa Tokenized Asset Platform (VTAP) in 2025, enabling banks to issue fiat-backed tokens, including stablecoins, and manage digital transactions more efficiently. VTAP will allow banks to mint, burn, and transfer stablecoins and other fiat-backed tokens as part of their digital operations.
Visa has confirmed that the platform is currently in its testing phase and is expected to go live next year.
Visa Stablecoin to Be Tested on Ethereum in 2025
As part of its development, VTAP is undergoing tests and preparing for its first live pilot project, which is slated to run on the Ethereum blockchain in 2025. Selected financial institutions will participate in the pilot, testing the issuance and transfer of tokens on a real-world scale.
Initially, VTAP will be used for internal banking operations, but Visa plans to enable interoperability between institutions using the platform in the future. VTAP aims to help banks manage stablecoins and tokenized deposits within their ecosystems while integrating blockchain technology for more efficient operations in traditional finance.
BBVA to Issue First Stablecoin via Visa’s VTAP
One of the first institutions to test Visa’s VTAP is Spanish bank BBVA, which has been collaborating with Visa since 2024. According to a report from Fortune, BBVA is exploring how VTAP can be used to issue stablecoins and other fiat-backed tokens. BBVA, which has been active in the digital assets space since 2014, offers institutional clients cryptocurrency trading and currency custody services.
BBVA’s stablecoin, backed either by the euro or the US dollar, will initially be used for internal transactions, with plans to expand to external customers once the technology is fully developed. BBVA believes that blockchain has the potential to transform digital transactions and improve the efficiency of financial systems.
“We’ve recognized that blockchain could change how we exchange value digitally and impact the way financial systems operate,” said Francisco Maroto, Head of Digital Assets and Blockchain at BBVA.
