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 establish a robust on-chain payment and banking infrastructure, particularly for underbanked communities globally. WeFi's platform is designed to bridge the gap 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 offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate in various regions.
The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships. Collins noted that the collaboration with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the partnership as a demonstration of how Visa's global network interacts with on-chain models within established regulatory frameworks.