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<a href="https://optimisus.com/market/market-news/visa-and-transak-join-forces-to-allow-crypto-withdrawals-in-145-countries/" rel="noopener noreferrer nofollow">Visa</a> has introduced its Visa Tokenized Asset Platform (VTAP) to streamline the issuance and management of digital assets, including stablecoins and central bank digital currencies (CBDCs).Announced on October 3, VTAP is currently in a sandbox phase with institutions like BBVA testing its features. The platform aims to provide a secure solution for minting, transferring, and settling digital assets across both public and permissioned blockchains, catering to institutional investors and central banks.Visa envisions VTAP as a tool for digitizing and automating banking processes, potentially allowing for the trading of new real-world assets. The platform will utilize smart contracts and fiat-backed tokens to simplify the management of complex credit lines and payment conditions. A live test phase is planned for 2025, utilizing the public Ethereum blockchain with select clients, emphasizing interoperability across various blockchains.As Visa seeks to bridge traditional finance with decentralized finance, the platform promises efficient access for participating banks. However, the company is currently under scrutiny from US authorities due to an antitrust lawsuit regarding its debit payment practices.

Visa reports that BBVA is one of many participating institutions trying out VTAP

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