By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Visa to Introduce Stablecoin Issuing Platform for Banks in 2025
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Visa to Introduce Stablecoin Issuing Platform for Banks in 2025
Crypto

Visa to Introduce Stablecoin Issuing Platform for Banks in 2025

News Room
Last updated: 2024/10/04 at 3:55 AM
News Room
Share
5 Min Read
SHARE

Visa is gearing up to launch its Visa Tokenized Asset Platform (VTAP) in 2025, allowing banks to issue stablecoins and manage digital transactions more effectively. The platform will enable banks to mint, burn, and transfer stablecoins and other fiat-backed tokens as part of their digital operations. Currently in the testing phase, Visa plans to start live operations of VTAP next year. The VTAP pilot is set to run on the Ethereum blockchain, with select financial institutions participating to test the issuance and transfer of tokens on a real-world scale. Initially focusing on internal banking operations, Visa aims to enable interoperability between institutions using the platform in the future to streamline financial transactions.

One of the early adopters of Visa’s VTAP is the Spanish bank BBVA, which has been working closely with Visa throughout 2024. BBVA is exploring how VTAP can be utilized to issue stablecoins and other fiat-backed tokens. The bank, which has been active in the digital asset space since 2014 providing cryptocurrency trading and custody services for institutional clients, sees the potential in blockchain technology to revolutionize digital transactions and enhance the efficiency of financial systems. BBVA’s stablecoin will likely be backed by either the euro or U.S. dollar initially, primarily for internal transactions, but with plans to expand its usage to external clients as the technology advances.

Visa’s Visa Tokenized Asset Platform (VTAP) aims to integrate blockchain technology into traditional financial systems to allow banks to manage stablecoins and tokenized deposits within their ecosystems more efficiently. By enabling the minting, burning, and transfer of stablecoins, VTAP seeks to enhance the speed and security of digital transactions for financial institutions. The platform is currently in the testing phase, with live operations expected to commence in 2025, starting with a pilot on the Ethereum blockchain involving select financial institutions to test the issuance and transfer of tokens at scale.

BBVA, a Spanish bank that has been actively involved in the digital asset space since 2014, is among the first institutions to test Visa’s VTAP. Collaborating with Visa throughout 2024, BBVA is exploring the use of VTAP to issue stablecoins and other fiat-backed tokens. With a focus on internal transactions initially, BBVA intends to expand the usage of its stablecoin to external clients as the technology evolves. By leveraging blockchain technology, BBVA sees the opportunity to transform digital transactions and improve the efficiency of financial systems. The bank’s stablecoin, expected to be backed by major fiat currencies, aims to streamline transactions within its operations and potentially beyond.

The upcoming launch of the Visa Tokenized Asset Platform (VTAP) is set to revolutionize digital transactions for banks by enabling the issuance of stablecoins and fiat-backed tokens. By minting, burning, and transferring these tokens, banks can enhance the efficiency and security of their digital operations. Visa’s collaboration with BBVA, a leading Spanish bank active in the digital asset space, highlights the potential of VTAP to transform traditional financial systems using blockchain technology. With BBVA set to issue its stablecoin through VTAP, the partnership signifies a significant step towards the mainstream adoption of digital assets in the banking sector, paving the way for more institutions to embrace blockchain technology for financial transactions.

In conclusion, Visa’s Visa Tokenized Asset Platform (VTAP) is poised to usher in a new era of efficient digital transactions for banks by allowing the issuance and management of stablecoins and other fiat-backed tokens. With the platform currently in the testing phase and live operations expected in 2025, the collaboration with institutions like BBVA demonstrates the potential for blockchain technology to revolutionize traditional financial systems. By streamlining processes and enhancing security, VTAP offers banks the opportunity to embrace the benefits of digital assets within their operations, paving the way for a more seamless and secure financial ecosystem. As the partnership between Visa and BBVA progresses, the adoption of stablecoins and blockchain technology in the banking sector is likely to accelerate, marking a significant milestone in the evolution of the financial industry.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 4, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Prime Minister meets with French President’s representative to Lebanon
Next Article Australian Dollar remains steady as US Dollar stays weak before Nonfarm Payrolls
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?