Visa, a global payment leader, has advanced further into cryptocurrency with the launch of a platform for banks to test tokenized assets and smart contracts. This platform enables banks to issue regulated, fiat-backed tokens, exploring blockchain’s potential in capital markets.
Visa's Head of Crypto, Cuy Sheffield, highlighted the company's role in asset tokenization, citing Visa’s participation in the Digital Hong Kong Dollar pilot. Financial institutions like Spain’s BBVA and Brazil’s XP are early adopters, utilizing Visa's digital asset sandbox to explore tokenized assets, particularly in B2B payments.
Visa has partnered with over 65 crypto wallet providers, and Sheffield emphasized the next phase will involve banks creating their own tokenized products, enhancing liquidity and opportunities in digital finance.
