Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an intermediary platform between decentralized finance and traditional payment infrastructure. According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership aims to expand to underbanked regions, starting with select markets in Europe, Asia, and Latin America.
The rollout will be contingent upon local regulatory approvals and partnerships. Collins believes the partnership with Visa will complete the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, sees the collaboration as a demonstration of Visa's ability to integrate with on-chain models within established regulatory frameworks.