Visa is exploring and implementing blockchain technology in various ways. While not replacing traditional systems, blockchain offers new functionalities.
Table of contents
Tokenized Asset Platform (VTAP)
Visa’s VTAP enables banks to issue fiat-backed tokens on blockchains like Ethereum. BBVA is expected to pilot VTAP in 2025.
Stablecoin Integration
Visa is integrating stablecoins like USDG, PYUSD, and EURC to facilitate crypto payments and settlements.
Benefits & Considerations
Blockchain offers potential benefits such as increased transparency and efficiency. However, there are challenges, including regulatory uncertainty and scalability.
Alternative Payment Methods
For users seeking cryptocurrency transactions without ID verification, options include Bitcoin ATMs with SMS verification and P2P trading platforms.
Important Note: Topping up accounts with crypto might incur losses due to spreads and could be a taxable event.
Visa’s Broader Crypto Strategy
Visa’s initiatives reflect a broader strategy to engage with the evolving digital asset landscape. This includes exploring central bank digital currencies (CBDCs) and other blockchain-based solutions.
Future Implications
As blockchain technology matures, Visa’s role in bridging traditional finance and the crypto world is likely to expand. This could lead to new payment solutions and financial services.
Staying Informed
The cryptocurrency and blockchain space is constantly changing. Staying informed about Visa’s developments and the broader industry trends is crucial for understanding the future of payments.
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