Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage.
According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally. The partnership with Visa is expected to complete the on-chain banking infrastructure, with plans to expand regionally, starting with Europe, Asia, and Latin America.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.