Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company co-founded by Reeve Collins, a former Tether executive. The goal is to bridge the gap in on-chain payment and banking services, providing users with seamless transactions and financial access.
WeFi's platform acts as a bridge between decentralized finance and traditional payment infrastructure, supporting use cases like 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 banks and institutions to reach underbanked populations. The rollout will be contingent upon local regulatory approvals and partnerships. Collins emphasized 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 network interacts with on-chain models within established regulatory frameworks.