Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to develop on-chain banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure. The partnership aims to provide users with secure and reliable on-chain payment and banking services. According to Collins, the platform will offer users bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The rollout will occur regionally, starting in Europe, Asia, and Latin America, with expansion into additional markets dependent on local regulatory approvals. The collaboration with Visa is expected to complete the final stage of on-chain banking infrastructure development, enabling the underbanked population to access financial services. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the partnership demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.