Visa has announced a partnership 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, offers a platform that bridges the gap between decentralized finance and regulated payment infrastructure. The partnership seeks to provide underbanked individuals with access to banking services, including IBAN numbers, and will operate in compliance with local regulations.
The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on regulatory approvals and partnerships. According to Collins, the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure, while Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that the collaboration demonstrates the interaction between Visa's global network and on-chain models within established regulatory frameworks.