Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive, to establish a comprehensive on-chain payment and banking infrastructure. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, enabling cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with more banks and institutions to cater to the underbanked population. The rollout will be contingent upon local regulatory approvals and partnerships. Collins stated that the partnership with Visa completes the final stage of on-chain banking infrastructure development.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration showcases the interaction between Visa's global network and on-chain models, while adhering to established regulatory frameworks and ensuring consumer and merchant reliability.