Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to establish a robust 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, facilitating 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 worldwide.
The partnership plans to scale by collaborating with additional banks and institutions, targeting the underbanked population. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals. Collins stated 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, noted that the collaboration demonstrates how Visa's global network interacts with blockchain models while adhering to established regulatory frameworks and reliability standards.