Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking infrastructure. 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 virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion contingent on local regulatory approvals and partnerships. Collins noted that the collaboration with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the partnership's potential to integrate on-chain models with Visa's global network while maintaining regulatory compliance and reliability.