Visa to Help Banks Issue Fiat-Backed Tokens on Ethereum Via New Tokenized Asset Platform

Payments giant Visa (V) has developed a new product to help banks issue fiat-backed tokens on the Ethereum network. Visa Tokenized Asset Platform (VTAP) will enable the development of fiat-backed tokens powered by smart contracts to help digitize and automate existing processes that will then power the exchange of real-world assets (RWAs), according to an announcement seen by CoinDesk. A bank would use Visa's new platform to purchase tokenized RWAs such as commodities or bonds with near-real-time settlement, using a token, the statement said. Visa's work in blockchain and digital assets is well established.

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