Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an 'orchestration layer' that bridges decentralized finance and regulated payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally. The partnership with Visa is expected to complete the 'last half mile' of on-chain banking infrastructure.
As the platform expands, it plans to partner with more banks and institutions, targeting underbanked populations. The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals and partnerships. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates how Visa's global network interacts with on-chain models while adhering to established regulatory frameworks and reliability standards.