Visa, which has issued crypto payment cards with Mastercard in recent years and has taken many important steps in this sense, has created a platform to help financial institutions with tokenisation transactions. In this period when the real world assets (RWAs) industry started to grow, BBVA, one of the largest banks in Spain and the world, also started using the platform.

“On-chain opportunity for banks and their customers…”

Speaking on the subject, Visa crypto officer Cuy Sheffield emphasised the growth of tokenisation and said:

‘In this environment where tokenisation is becoming increasingly widespread, from debt assets to the real estate sector, there is a great need for cash-based assets to move to this area… Having a platform that meets this need also gives banks a great opportunity. In this way, they will be able to issue their own fiat money backed tokens on blockchains. It will be easier for customers to enter on-chain capital markets in a regulated manner.’

Sheffield also said that they follow the work of banks in this field first-hand, so that they have the opportunity to develop.

Last year, the Central Bank of Brazil also decided to work with Visa on the issuance of digital real.