Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain banking and payment infrastructure. WeFi's platform serves as a bridge between decentralized finance and traditional payment systems, enabling use cases such as cross-border transactions and on-chain value storage. According to Reeve Collins, co-founder of WeFi, the platform will offer users bank account-like services, including 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 dependent on local regulatory approvals.
The collaboration between Visa and WeFi is expected to complete the on-chain banking infrastructure, demonstrating how Visa's global network can interact with blockchain models while maintaining regulatory compliance and reliability.