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 establish a robust on-chain payment and banking infrastructure, particularly for the underbanked population. 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 provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally. The rollout will commence in select European, Asian, and Latin American markets, with plans to expand into additional regions pending regulatory approvals and partnerships. The partnership with Visa is expected to complete the final leg of on-chain banking infrastructure development.
Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.