Visa is collaborating with WeFi, a 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 integration layer between decentralized finance and traditional payment systems, enabling cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally. As the platform expands, it plans to partner with banks and institutions to serve underbanked communities.
The rollout will occur regionally, starting with Europe, Asia, and Latin America, with further expansion dependent on local regulations and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, emphasized that the collaboration demonstrates how Visa's network interacts with on-chain models within established regulatory frameworks.