Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, 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, facilitating use cases such as cross-border transactions and on-chain value storage. 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 with Visa is expected to bridge the gap in on-chain banking infrastructure, with plans to expand regionally, starting with Europe, Asia, and Latin America. The rollout will be contingent upon local regulatory approvals and partnerships. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the partnership demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks.