Visa Launches New Crypto Platform With BBVA
Visa partners with BBVA to launch a new tokenized asset platform, aiming to connect traditional banks with the growing crypto and stablecoin market.
Visa is making its move into the real-world assets (RWA) market with a new platform, VTAP, developed in partnership with Spanish bank BBVA. The Visa Tokenized Asset Platform aims to help banks issue tokens backed by tangible assets and integrate with crypto, signaling Visa’s intent to bridge traditional finance and blockchain.
VTAP, currently in its early testing phase, will connect financial institutions to the crypto world using stablecoins, which are key to this emerging market. A broader rollout is planned for early 2025 after BBVA’s pilot. On Thursday, Visa announced VTAP as part of its strategy to link fiat currencies to blockchains, focusing on the expanding RWA sector.
Visa initially partnered with BBVA in late September, launching a “sandbox” trial of VTAP, where BBVA will continue to play a central role in the platform’s phased launch. Francisco Maroto, BBVA’s Head of Blockchain and Digital Assets, emphasized that the collaboration could transform banking services, allowing for expanded financial offerings.
While Visa presents VTAP as a bridge for traditional finance (TradFi) and crypto, its main goal is to capitalize on the RWA market. Stablecoins, in particular, are a focal point. Maroto revealed in a Fortune interview that the partnership with Visa revolves around a new stablecoin project aimed at digital settlements. He noted that Visa is leveraging BBVA’s European presence, as recent EU regulations favor stablecoin adoption.
Visa’s strategic entry into RWAs is not just about connecting TradFi to the crypto world but also about gaining a foothold in this growing segment. The firm has experimented with tokenized assets across multiple regions and sees VTAP as its gateway to dominate the sector. As more banks join, Visa’s influence could increase significantly.
VTAP’s full potential is still uncertain as it is in the early stages, and the platform’s impact will depend on how successful the BBVA pilot proves to be. Visa’s future expansion in the RWA market will largely hinge on the outcome of this partnership. If VTAP succeeds, it could become a powerful tool for traditional institutions venturing into the crypto space.
