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, provides an 'orchestration layer' that bridges decentralized finance and traditional payment infrastructure, facilitating use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, with the goal of serving the underbanked population. 'This partnership with Visa completes the final piece of on-chain banking infrastructure,' Collins stated. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, added that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.