The news: Visa will roll out a stablecoin platform called the Visa Tokenized Asset Platform (VTAP), per Bloomberg.
- The platform will let banks issue fiat-backed tokens like stablecoins or tokenized deposits.
- Spanish bank BBVA is one of the banks piloting the service. Visa plans to launch it in 2025.
The bigger picture: Stablecoin use is limited. In April 2024, there were $2.2 trillion worth of transactions globally, per research from Visa and Allium Labs, but less than 10% of this volume ($149 billion) came from genuine users.