1. BBVA Launches Ethereum Blockchain Pilot by 2025
2. Visa’s VTAP Aims
3. Visa’s Role in Blockchain Integration

Payment company Visa has announced the launch of a new platform to assist banks in issuing currency-backed tokens on the Ethereum network.

BBVA Launches Ethereum Blockchain Pilot by 2025

This year, Spain's Banco Bilbao Vizcaya Argentaria (BBVA) has already started using the platform. The trial in Spain focused on creating, transferring, and redeeming tokens. BBVA plans to implement the first pilot of the Ethereum-based blockchain system by the end of 2025. The functionality will reportedly be restricted to several users.

Visa’s VTAP Aims

Visa’s VTAP will allow banks to create fiat-backed tokens driven by smart contracts. This will help digitize and automate current procedures and enable the exchange of real-world assets. The goal is to set international standards for blockchain integration in financial systems.

Visa’s Role in Blockchain Integration

Visa has participated in central bank digital currency trials, including the Central Bank of Brazil and the Hong Kong Monetary Authority. The platform improves investment opportunities and enhances liquidity by providing direct market access to on-chain capital markets. Visa was also involved in the Digital Hong Kong Dollar program, collaborating with banks like HSBC and Hang Seng.

Visa’s new platform could be a significant step in the tokenization of banking systems and the integration of blockchain technology into the financial industry.