Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to bridge the gap in on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that connects decentralized finance with traditional payment systems, enabling 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 partnership with Visa is expected to facilitate the rollout of WeFi's services, starting with select markets in Europe, Asia, and Latin America, with plans to expand to additional regions pending regulatory approvals. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the partnership demonstrates how Visa's network can interact with on-chain models while maintaining regulatory compliance and reliability.