Visa has announced a partnership with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to create a robust on-chain banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. Collins emphasized the goal of providing underbanked individuals with essential banking services, including IBAN numbers, by obtaining necessary licenses and partnering with institutions globally.
The rollout will commence in select European, Asian, and Latin American markets, with expansion contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of Visa's global network interacting with on-chain models while maintaining regulatory compliance and reliability.