{"id":320817,"date":"2024-09-26T11:25:06","date_gmt":"2024-09-26T11:25:06","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=320817"},"modified":"2024-09-26T11:25:06","modified_gmt":"2024-09-26T11:25:06","slug":"visa-tokenizing-assets-platform-banks","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/visa-tokenizing-assets-platform-banks","title":{"rendered":"Why Visa\u2019s Tokenizing Assets Platform for Banks is a Big Deal"},"content":{"rendered":"

Visa has introduced a new platform intended to help financial institutions issue fiat-backed tokens<\/a> on the Ethereum network<\/a>.<\/p>\n

Visa Tokenized Asset Platform (VTAP), led by Visa’s crypto division under the guidance of Head of Crypto Cuy Sheffield, offers banks a regulated environment to explore and adopt tokenization technology<\/a>.<\/p>\n

The platform will enable the development of fiat-backed tokens powered by smart contracts, which<\/a> will help digitize and automate existing processes and power the exchange of real-world assets<\/a> (RWAs).<\/p>\n

The move comes as major financial institutions and banks are making significant moves in the tokenization space. Goldman Sachs, for instance, plans to launch three new tokenization products<\/a> later this year, driven by growing client interest.<\/p>\n

“We think that creates a significant opportunity for banks to issue their own fiat-backed tokens on blockchains, do it in a regulated way, and enable their customers to access and participate in these on-chain capital markets,” Catherine Gu, Visa’s head of CBDC and tokenized assets, told Blockworks<\/a>.<\/p>\n

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  1. \n
    \n Visa to Assist Banks in Tokenizing Assets<\/a>\n <\/div>\n <\/li>\n
  2. \n
    \n Visa Remains at Forefront of Blockchain Innovation<\/a>\n <\/div>\n <\/li>\n
  3. \n
    \n The Bottom Line<\/a>\n <\/div>\n <\/li>\n <\/ol>\n
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