Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive. The collaboration seeks to bridge the gap in on-chain banking services by establishing a robust infrastructure for payments and financial transactions. WeFi's platform is designed to facilitate seamless interactions between decentralized finance systems and traditional payment infrastructure, supporting use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will operate under the necessary licenses and regulatory frameworks.
As the platform expands, WeFi plans to partner with additional banks and institutions to cater to the underbanked population globally. The rollout will be phased, starting with select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships. The partnership with Visa is expected to complete the final leg of on-chain banking infrastructure development.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates the potential for Visa's global network to interact with on-chain models while maintaining regulatory compliance and reliability.