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Visa, a payments technology company, has unveiled a new product named Visa Tokenized Asset Platform to revolutionize the banking sector, whereby banks can issue and manage fiat-backed tokens such as stablecoins on blockchains. VTAP, set to launch in 2025, represents a significant advancement in utilizing blockchain technology for everyday financial transactions.

The platform will empower banks to carry out digital token operations, including minting, burning, and transferring stablecoins, as part of digital asset management strategies. Through VTAP, Visa will help promote higher efficiency and integration within the banks’ approach to supporting digital commerce and meeting customers’ growing needs for seamless and innovative solutions in the digital environment.