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  3. Visa Launches Tokenized Asset Sandbox for Seamless Blockchain Integration

Visa Launches Tokenized Asset Sandbox for Seamless Blockchain Integration

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Visa Introduces Visa Tokenized Asset Platform for Banks to Issue Fiat-Backed Tokens

Visa Unveils VTAP for Blockchain Tokenization

Facilitating Banks to Experiment with Fiat-Backed Tokens

Visa has launched the Visa Tokenized Asset Platform (VTAP) to aid financial institutions in issuing fiat-backed tokens on blockchain networks. This initiative allows banks to create and test their own fiat-backed tokens within a VTAP sandbox environment. Utilizing smart contracts technology, VTAP enables banks to issue and transfer fiat-backed tokens across blockchain networks, marking a new milestone in digital payments innovation.

VTAP Testing with BBVA

Spanish Bank Pioneering VTAP Sandbox Functionalities

The Spanish bank BBVA has been actively testing VTAP sandbox features, including token issuance, transfer, and redemption on a testnet blockchain. BBVA is also exploring interactions with smart contracts to enhance the functionality of the tokens. The bank plans to conduct an initial live pilot with selected customers on the public Ethereum blockchain in the coming year, leveraging the interoperability and ease of integration offered by VTAP.

Enabling Interoperability Across Blockchains

Visa’s Vision for Cross-Chain Exchange of Tokenized Assets

Visa aims to promote interoperability among different blockchain networks for banks utilizing the VTAP platform. With an API connection to VTAP, banks can facilitate a variety of use cases and engage with partners and clients on both permissioned and public blockchains. This commitment demonstrates Visa’s dedication to enabling secure cross-chain exchanges of tokenized real-world assets using fiat-backed tokens.

Blockchain Technology in Cross-Border Payments

Advantages of Blockchain for International Transactions

In a recent discussion with industry experts, the role of blockchain technology in cross-border payments was highlighted. Blockchain solutions and stablecoins have gained traction in the realm of cross-border payments, offering benefits such as disintermediation to streamline transactions and reduce costs. This advancement in technology is reshaping the landscape of international payments, providing a more efficient and cost-effective alternative to traditional banking systems.

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Visa Launches Tokenized Asset Sandbox for Seamless Blockchain Integration
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Disclaimer:

The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
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