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.
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Sui’s Web3 handheld gaming device is expected to launch in the first half of 2025. Preorders for the $599 device began in early September 2024.
VTAP uses fiat-backed tokens to represent real-world assets like bonds and commodities, making them easier to trade and settle on a blockchain platform, with faster and more efficient processes through smart contracts.
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.
The first live pilot of VTAP, in collaboration with BBVA, is expected to roll out in 2025.
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.
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.
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.
One of the first financial institutions to use VTAP will be the Spanish bank BBVA, which plans to launch a live pilot in 2025.
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.