Visa has announced a collaboration with WeFi, a blockchain-based stablecoin 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 connecting decentralized finance with traditional payment infrastructure. The partnership seeks to provide underbanked individuals with access to banking services, including IBAN numbers, and will operate under relevant licenses and regulatory frameworks.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals. According to Collins, the partnership with Visa completes the final stage of developing on-chain banking infrastructure, while Visa's Head of Product & Solutions in Europe, Mathieu Altwegg, highlighted the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.