Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, to establish a comprehensive on-chain payment and banking system. WeFi's platform acts as a bridge between decentralized finance and traditional payment infrastructure, enabling use cases such as cross-border transactions and on-chain asset storage. According to Collins, the goal is to offer underbanked individuals access to essential banking services, including IBAN numbers, by obtaining necessary licenses and partnering with financial institutions. The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with expansion dependent on local regulatory approvals.
The partnership with Visa is expected to complete the final leg of on-chain banking infrastructure development, demonstrating how Visa's global network can interact with blockchain models while adhering to established regulatory frameworks and reliability standards.