Visa has announced a partnership with WeFi, a blockchain-based stablecoin firm, to establish a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interface between decentralized finance and traditional payment infrastructure, enabling cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally. As the platform grows, WeFi plans to collaborate with additional banks and institutions to serve the underbanked population.
The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. The partnership with Visa is expected to complete the on-chain banking infrastructure, allowing for seamless interaction between Visa's global network and blockchain-based models while adhering to established regulatory frameworks.