Ethereum serves as the blockchain platform on which the fiat-backed tokens will be issued. Through Ethereum’s smart contract functionality, VTAP will enable automated and secure transactions involving tokenized real-world assets.
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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.
Visa has a strong background in blockchain and digital assets. For instance, in March 2021, Visa processed cryptocurrency payments in the form of USDC stablecoin transactions on the Ethereum network, showcasing its early adoption of blockchain-based payments.
Currently, VTAP is focused on the Ethereum blockchain for issuing fiat-backed tokens, but Visa’s blockchain initiatives could potentially expand to other networks in the future.
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.
Sui can process up to 297,000 transactions per second, making it one of the fastest blockchain networks. For comparison, Solana processes around 65,000 transactions per second.
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.
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.