TechFlow reports that Visa has announced the launch of a new platform designed to help financial institutions issue fiat-backed tokens and test their use cases. Banco Bilbao Vizcaya Argentaria (BBVA) has begun using Visa's newly launched Tokenized Assets Platform (VTAP) sandbox, with plans to launch its first pilot project on the Ethereum blockchain in 2025.
Visa stated that potential banking use cases may include real-time fund transfers, interbank transactions, cross-border payments, interactions with tokenized physical assets, and creating structured financial products using smart contracts. Visa is working to establish global standards to promote interoperability among financial institutions and drive tokenization into the mainstream.
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