Visa launches VTAP platform on Ethereum blockchain for banks

Visa has announced the launch of the Visa Tokenized Asset Platform (VTAP) on the Ethereum blockchain, aimed at enabling banks to issue and manage fiat-backed tokens. The platform will be available through pilot programs starting at the end of this year. VTAP will allow financial institutions to experiment and create fiat-backed tokens on the public Ethereum blockchain.

The initial pilot will be carried out with BBVA, which will use VTAP to create tokens on Ethereum. This represents an important step in the adoption of Ethereum by financial institutions and the integration of blockchain technologies into banking systems.

Meanwhile, concerns about the centralization of the Ethereum ecosystem have risen as Coinbase controls approximately 11.42% of the staked Ethereum, signaling increased institutional interest in cryptocurrencies. Visa collaborates with more than 15,000 global financial institutions to facilitate transactions and support the integration of blockchain into traditional financial infrastructure.