Visa has announced a partnership with WeFi, a company specializing in blockchain-based stablecoin infrastructure, to develop on-chain banking and payment services. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, supporting use cases such as cross-border transactions and on-chain asset storage.
According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to scale by collaborating with additional banks and institutions, targeting underbanked populations. The rollout will occur regionally, starting in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals.
Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.