Visa's Tokenized RWAs: A Bold Step Amid Legal Challenges
Visa Enters Tokenized RWAs Market
Visa, the American multinational payment services giant, has introduced a tokenized asset platform to assist banks in testing tokenized assets and smart contracts. Spain's Banco Bilbao Vizcaya Argentaria (BBVA) is already exploring the new Visa Tokenized Asset Platform (VTAP) in its sandbox environment. This move signals Visa's efforts to protect its market share as it faces increasing competition and legal challenges.
Visa's Strategic Move
With its entry into tokenized RWAs, Visa enhances its capabilities to support global banks in working with fiat-backed tokens. The planned piloting with BBVA will launch in 2025, utilizing the Ethereum blockchain. This initiative is part of Visa's ongoing push into the digital asset space, leveraging tokenization to expand its influence.
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