Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive. The goal of this collaboration is to establish a comprehensive on-chain payment and banking system, particularly for the underbanked population globally.
WeFi's platform is designed to bridge the gap between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will essentially offer users bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. As the platform expands, it plans to partner with additional banks and institutions, with a focus on serving the underbanked communities.
The rollout is set to occur regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the final leg of on-chain banking infrastructure development. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.