Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to bridge the gap in on-chain payments and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that connects decentralized finance with regulated payment systems, facilitating cross-border transactions and on-chain value storage. Collins stated that the platform will provide users with bank account-like services, including IBAN numbers, and obtain necessary licenses to operate globally. The partnership with Visa is expected to complete the on-chain banking infrastructure, with plans to expand regionally, starting with Europe, Asia, and Latin America, and eventually partnering with more financial institutions to serve underbanked communities.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this partnership demonstrates how Visa's network interacts with on-chain models while adhering to regulatory frameworks and ensuring consumer and merchant reliability.