Visa has partnered 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. According to Collins, the platform will provide users with bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with additional banks and institutions to reach underbanked communities. The rollout will be contingent upon local regulatory approvals and partnerships.
Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, emphasized that the collaboration demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks and reliability standards.