Visa Unveils Tokenized Asset Platform to Revolutionize Fiat-Backed Blockchain Transactions
San Francisco, CA – October 3, 2024 – Visa, a global leader in digital payments, has launched the Visa Tokenized Asset Platform (VTAP), a groundbreaking product designed to bridge traditional fiat currencies with blockchain technology. This innovative platform enables financial institutions to issue and manage fiat-backed tokens on blockchain networks, marking a significant step toward integrating traditional finance with decentralized systems [1].
Visa and Tokenization: A Decade of Innovation
Visa’s leadership in tokenization extends beyond VTAP, with the company recently announcing a significant milestone: the issuance of its 10 billionth token, generating over $40 billion in incremental e-commerce revenue globally and saving $650 million in fraud over the past year [2]. Introduced in 2014, Visa’s tokenization technology replaces sensitive payment data with cryptographic keys, enhancing security across digital transactions. Today, 29% of all Visa-processed transactions utilize tokens, contributing to a 60% reduction in fraud rates and a six-basis-point increase in payment approval rates.
Visa’s tokenization efforts have empowered over 8,000 issuers and 1.5 million e-commerce merchants daily across 200 markets. Looking ahead, Visa is innovating with data tokens, which will allow consumers to control their data and enable AI-powered, personalized shopping experiences. This technology aims to address consumer concerns, with only one-third of global consumers feeling in control of their data, by allowing them to manage data sharing directly from their banking apps.
“Tokens have transformed the payments ecosystem, securing online transactions and enabling innovations like VTAP,” said Jack Forestell, Chief Product Officer at Visa. “As we move into an AI-driven future, our tokenization expertise will give consumers greater control and deliver seamless, secure experiences.”
A New Era for Financial Institutions
The Visa Tokenized Asset Platform (VTAP) empowers issuer and acquirer banks to tokenize fiat currencies, such as the euro and dollar, on blockchain networks. Available through the Visa Developer Platform, VTAP provides a sandbox environment where select financial institutions can experiment with minting, burning, and transferring fiat-backed tokens. The platform leverages Visa’s expertise in digital payments and smart contract technology to facilitate seamless, secure, and efficient transactions.
“Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry,” said Vanessa Colella [3], Global Head of Innovation and Digital Partnerships at Visa. “We’re excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations.”
Key Features and Benefits
VTAP offers several key features that make it a game-changer for financial institutions:
Easy Integration: VTAP provides seamless API-based access to Visa’s blockchain infrastructure, requiring minimal technical integration for commercial banks. This allows banks to enhance their existing financial systems for constant availability and improved efficiency.
Programmability: The platform enables banks to use fiat-backed tokens within smart contracts, automating complex financial workflows such as credit line administration or real-time settlement of tokenized assets like commodities or treasuries. This programmability enhances operational efficiency and reduces manual processes.
Interoperability: VTAP supports multi-currency and multi-chain interoperability, allowing banks to interact with partners and clients across both permissioned and public blockchains through a single API connection. Visa’s vision is to foster a growing ecosystem of tokenized real-world assets, enabling secure cross-chain exchanges.
The platform’s ability to facilitate cross-border money movement and 24/7 availability further enhances transparency, capital efficiency, and liquidity for tokenized payments.
BBVA Leads the Way
Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) is among the first financial institutions to partner with Visa on VTAP. Throughout 2024, BBVA has been testing core VTAP functionalities in the sandbox, including token issuance, transfer, and redemption on a testnet blockchain, as well as smart contract interactions. The bank plans to launch an initial live pilot with select customers in Europe on the public Ethereum blockchain in 2025.
“This collaboration marks a significant milestone in our exploration of the potential of blockchain technology,” said Francisco Maroto [5], Head of Blockchain and Digital Assets at BBVA. “It will ultimately help enable us to broaden our banking services and expand the market with new financial solutions.”
Visa and Stablecoins: Embracing Regulatory Clarity with the GENIUS Act
In a pivotal development for the stablecoin ecosystem, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in June 2025, which was subsequently signed into law by President Trump on July 18, 2025. The Act limits stablecoin issuers to insured institutions, mandates 1:1 reserves in cash or Treasurys, and ensures compliance with anti-money laundering regulations under the Bank Secrecy Act.
Visa has expressed strong support for the GENIUS Act [7], viewing it as a crucial step toward regulatory clarity that could usher in the next era of digital programmable money. According to Jack Forestell, Chief Product and Strategy Officer at Visa, scaling stablecoins requires three essential layers: a robust technology backbone (provided by blockchain advancements), a trustworthy reserve layer (through regulated stablecoins), and an interface layer for seamless user experiences.
Visa positions itself as the provider of this interface layer, leveraging its "Visa as a Service" stack to deliver trust, security, and scalability. Since 2020, Visa has facilitated over $100 billion in crypto-related flows, including $95 billion in cryptocurrency purchases and $25 billion in spending. The company emphasizes that stablecoins address specific needs in emerging markets, such as access to USD in volatile currency environments and efficient cross-border remittances or B2B payments.
Visa is actively engaged in the stablecoin space, offering solutions like native stablecoin settlement, cross-border money movement, and programmable money for clients. In July 2025, Visa expanded its stablecoin settlement capabilities to include more USD-backed tokens, euro-backed EURC, and additional blockchains, with weekly settlement volumes exceeding $200 million by August 2025. Visa's Onchain Analytics Dashboard further tracks stablecoin movements, highlighting their role in global payments. On X, Visa said simple access to stablecoins was a key component to successful adoption [6].
“The GENIUS Act enables us to further embrace stablecoins for payment innovations,” said Visa CEO Ryan McInerney. Analysts speculate that Visa may launch its own stablecoin, tapping into the $2 trillion market potential.
Visa’s Commitment to Innovation
Visa’s launch of VTAP builds on its decades-long leadership in digital payments, connecting over 15,000 financial institutions across more than 200 countries and territories. The company is committed to working with banks and fintechs to develop standards for secure, reliable, and compliant tokenized payment flows.
As the tokenization of real-world assets grows across permissioned and public blockchains, VTAP positions Visa and its partners to lead the charge in creating new financial solutions. From automating payments to enabling near real-time settlements, VTAP is poised to transform how banks and their customers interact with blockchain technology.