Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive, to establish a comprehensive on-chain payment and banking infrastructure. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, supporting 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 globally. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked populations.
The rollout will be contingent upon regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the final stage of on-chain banking infrastructure development.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates the compatibility of Visa's global network with on-chain models, while adhering to established regulatory frameworks and reliability standards.