Visa unveils Ethereum tokenization platform for banks with BBVA as recipient

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Visa has launch Visa Tokenized Asset Platform (VTAP), enabling banks to issue and manage fiat-backed tokens on blockchain networks. The platform, available through Visa Developer Platformwill run live pilots on the public Ethereum blockchain in 2025.

VTAP provides tools for minting, burning and transferring fiat-backed tokens. These tokens, issued by financial institutions, will be backed by fiat currencies, ensuring their stability.

Visa’s solution is designed to easily integrate with banks’ existing infrastructure, providing a secure API-based platform for issuing and managing these digital assets.

“We are excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations.” said Vanessa Colella, Global Head of Innovation and Digital Partnerships, Visa.

The platform enables programmability, giving banks the ability to handle complex transactions such as lines of credit or tokenized assets, potentially improving workflow efficiency and reducing manual oversight.

Initially, VTAP will run on the Ethereum blockchain, providing banks with a secure testing environment. Visa plans to expand its support based on demand, including an integrated custodial solution to manage private keys and wallets without requiring additional infrastructure.

BBVA is already testing VTAP functionalities, including issuing tokens and using a smart contract. The bank is expected to run a live pilot using VTAP on the public Ethereum blockchain in 2025.

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