Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company co-founded by Reeve Collins, a former Tether executive, to establish a robust on-chain payment and banking infrastructure. WeFi's platform acts as a bridge between decentralized finance and traditional payment systems, supporting use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will operate under various licenses worldwide. 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 subject to local regulatory approvals and partnerships. Collins stated that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's global network interacts with on-chain models within established regulatory frameworks.