COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Visa Develops Platform for Fiat-Backed Tokens on Blockchain
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Blockchain News > Visa Develops Platform for Fiat-Backed Tokens on Blockchain
Blockchain News

Visa Develops Platform for Fiat-Backed Tokens on Blockchain

In Brief

  • Visa is building a platform for issuing fiat-backed tokens on blockchain.

  • Growing interest from banks in utilizing tokenized assets for services.

  • Collaboration with various banks to develop blockchain solutions is underway.

Fatih Uçar
Fatih Uçar 8 months ago
Share
SHARE

The payment giant Visa announced its development of a new platform that facilitates financial institutions in issuing fiat-backed tokens on the blockchain. The company aims to guide banks in this domain while contributing to the establishment of global standards. Cuy Sheffield, Visa’s crypto president, emphasized the need for tokenization to facilitate the trading of various cash types as more real-world assets are migrated onto the blockchain.

Contents
Growing Interest from Banks in Fiat-Backed TokensApplications and Future Plans

Growing Interest from Banks in Fiat-Backed Tokens

Sheffield highlighted that banks issuing their fiat-backed tokens on the blockchain presents a significant opportunity for regulated participation in these markets. Visa has closely monitored the potential of tokenization for central banks and the modernization of financial infrastructure. For instance, the company conducted a pilot project last year with HSBC and Hang Seng Bank under the Hong Kong Monetary Authority’s Digital Hong Kong Dollar program, simulating interbank payment and collection processes on the blockchain.

Visa was also selected to participate in the Brazilian Central Bank’s digital real trials. Sheffield noted that many commercial banks and Visa’s existing partners are increasingly interested in fiat-backed tokens and tokenized deposits. For example, the Spain-based Banco Bilbao Vizcaya Argentaria (BBVA) is working on issuing, transferring, and settling banking tokens within the Visa Tokenized Asset Platform (VTAP) sandbox, planning a pilot project with a limited customer group on the Ethereum $2,563 blockchain by 2025.

Applications and Future Plans

One of the primary applications for banks regarding tokenized fiat currencies is enabling instant money transfers among their clients. Permissioned payment networks and deposit ledgers, like the JPM Coin System, facilitate such transactions. Financial institution transfers are gaining traction, especially in markets where central banks are actively developing wholesale Central Bank Digital Currencies (CBDCs).

Catherine Gu, Visa’s head of CBDCs and tokenized assets, mentioned that banks focus on cross-border transfers in the services they provide to their customers. She emphasized the limitations of existing systems in addressing multinational companies’ money transfer needs, prompting banks to reevaluate potential blockchain use cases. Tokenized real-world assets stand out as one of the highest demand areas for transactions.

Banks plan to develop products on both public and private blockchains based on their regulatory environments and use cases. Gu pointed out that fragmentation is the biggest challenge financial institutions face in entering this space, as current standards for tokenization and smart contracts are lacking. Visa intends to develop standards to enhance interoperability among financial institutions in this area.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Vera Capital Aims to Enhance Real Estate Access with $1 Billion Tokenization Initiative

Belarus Sets Bold Goals for Launching Digital Ruble by 2026

Kyrgyzstan Takes Bold Steps to Launch Its National Digital Currency

Tokenization is Set to Reach $18.9 Trillion by 2033

South Korea’s National Pension Service Embraces Blockchain for Enhanced Security

Fatih Uçar 25 September, 2024 - 5:18 pm 25 September, 2024 - 5:18 pm
Share This Article
Facebook Twitter
Share
Previous Article XRP Whales Transfer Significant Amounts of Coins Following Chris Larsen’s Sale
Next Article Ben Zhou Discusses the Outlook for TON Coin
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

VanEck Leads with Tokenized Treasury Funds on Major Blockchain Networks
Altcoin News
Fed Eases Crypto Markets with Strategic Moves
Cryptocurrency News
Solana’s Stellar Performance Captivates Enthusiasts
Solana (SOL)
XRP Overtakes Tether as New Speculations Stir Market Excitement
Ripple (XRP)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?