VTAP allows banks to leverage blockchain technology to streamline and automate traditional processes. It reduces settlement times and offers the potential for more efficient handling of asset exchanges, especially for commodities and bonds.
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While Bitcoin has delivered massive gains since its inception, Sui is a newer cryptocurrency with unique potential. Sui has nearly doubled in value this year, outperforming Bitcoin’s 50% growth, and has significant room to grow in the Layer-1 blockchain ...Read more
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VTAP is a new product developed by Visa that helps banks issue fiat-backed tokens on the Ethereum network. It aims to digitize and automate existing processes through smart contracts, enabling the exchange of real-world assets (RWAs).
Total Value Locked (TVL) measures the total dollar value locked or staked within a blockchain. Sui’s TVL is nearing $1 billion, placing it in the top 10 blockchain ecosystems. This growth shows increasing interest from users and developers.
Sui is a Layer-1 blockchain network that competes with platforms like Ethereum and Solana. It has gained attention for its fast transaction speeds and growing ecosystem, positioning it as a potential leader in the blockchain space.
One of the first financial institutions to use VTAP will be the Spanish bank BBVA, which plans to launch a live pilot in 2025.
Sui’s market cap is around $4.5 billion, while Ethereum’s is roughly $310 billion. If Sui were to eventually surpass Ethereum, it would represent an 80x increase in market cap, based on today’s values.
Banks using VTAP will be able to purchase tokenized real-world assets (RWAs) such as commodities or bonds. These transactions will benefit from near-real-time settlement facilitated by the fiat-backed tokens.
Fiat-backed tokens are digital tokens that are pegged to traditional currencies (fiat), such as USD or EUR. These tokens represent the value of the currency and can be used for transactions or exchanges on blockchain platforms like Ethereum.