Visa Launches Visa Tokenized Asset Platform to Support Stablecoins and Tokenized Deposits

Visa Collaborates with BBVA for Pilot Token on Ethereum in 2025

Global payment giant Visa has introduced its Visa Tokenized Asset Platform (VTAP) to enable stablecoins and tokenized deposits. Spanish bank BBVA is gearing up to pioneer a token on the Ethereum network starting in 2025.

Visa’s Innovative Approach

Visa aims to extend its cutting-edge tokenization expertise to assist banks in integrating blockchain technology into their systems. Vanessa Colella, Visa’s Global Head of Innovation and Digital Partnerships, expressed enthusiasm for supporting banks in leveraging blockchain technologies effectively.

The company plans to simplify the integration process for banks by offering a single API integration point for accessing various blockchains, including both permissioned and permissionless networks.

BBVA’s Blockchain Strategy

BBVA has been actively experimenting with Visa’s VTAP solution in a test environment this year. The Spanish bank is keen on exploring the potential of smart contracts for automating workflows, establishing complex credit lines, and facilitating conditional payments.

BBVA’s Trailblazing Initiatives

Francisco Maroto, Head of Blockchain and Digital Assets at BBVA, views the collaboration with Visa as a significant step in exploring blockchain technology’s potential. BBVA has a history of pioneering blockchain initiatives, including innovative pilots for blockchain bond issuance and offering cryptocurrency services to retail clients in Switzerland.

Earlier this year, Visa conducted a successful tokenized deposit trial with HSBC and Hang Seng Bank in Hong Kong as part of the e-HKD pilots.