Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm co-founded by Reeve Collins, a former Tether executive. The partnership seeks to establish a robust on-chain payment and banking infrastructure, particularly for the underbanked population.
WeFi's platform serves as a bridge 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 provide users with bank account-like services, including IBAN numbers, and will operate under various licenses worldwide.
The plan is to expand the platform regionally, starting with select markets in Europe, Asia, and Latin America, and eventually partnering with more banks and institutions to reach the global underbanked population. The rollout will be subject to local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as an example of how Visa's global network interacts with on-chain models within established regulatory frameworks.