Cryptocurrencies
Visa Launches Platform to Help Banks Issue Stablecoins Globally
- Platform is expected to go live in 2025, payments firm says
- A pilot test will be run on Ethereum at some point next year
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Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations.
The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to “mint, burn and transfer” tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.