Visa has introduced the Visa Tokenized Asset Platform (VTAP) to help banks issue and manage fiat-backed tokens on blockchain networks, connecting traditional fiat currencies with blockchain technology.

It seeks to address the rising interest in tokenization within finance.

VTAP offers banks a business-to-business solution for minting, burning, and transferring tokens, which improves operational efficiency and reduces transaction times.

Its features allow banks to automate processes like lines of credit and payments tied to tokenized assets.