Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company co-founded by Reeve Collins, a former Tether executive. The partnership seeks to bridge the gap in on-chain payment and banking services, particularly for underserved populations. WeFi's platform serves as an intermediary between decentralized finance and traditional payment infrastructure, facilitating 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.
As the platform expands, it plans to form partnerships with additional banks and institutions, targeting underbanked regions. The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals. The partnership with Visa is expected to complete the on-chain banking infrastructure, enabling seamless interaction between Visa's global network and blockchain-based models while adhering to established regulatory frameworks and reliability standards.