Visa has launched a platform that allows global banks to issue stablecoins and other tokens. Banking & Finance | Dated: 19 Oct 2024 Visa Inc., the American multinational payment card services corporation, has introduced the Visa Tokenized Asset Platform (VTAP) to assist banks in issuing stablecoins and other fiat-backed tokens on a global scale. VTAP is set to go live in 2025. 🎯 Key Highlights: – VTAP will allow banks to “create, burn, and transfer tokens,” giving financial institutions the infrastructure needed to leverage blockchain technology. - Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish bank, has been testing the platform for a year and plans to pilot it on the Ethereum blockchain for selected customers in 2025. 💡 Other Important Facts: (i) PayPal Holdings Inc. has already launched its stablecoin, PayPal USD (PYUSD), while Stripe Inc. now enables merchants to accept stablecoins for online transactions. (ii) Stablecoins are a type of cryptocurrency that bridges traditional finance and digital currencies, facilitating transactions while safeguarding users from the significant price fluctuations seen with cryptocurrencies like Bitcoin and Ether. 📚 Test Your Knowledge: Which payment giant has recently launched a platform enabling global banks to issue stablecoins and other tokens? Correct Answer: Visa 🚀 Quick Recap: