Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a robust on-chain payment and banking infrastructure. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems, enabling use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with local banks and institutions to reach underbanked populations.
The rollout will be subject to local regulatory approvals and partnerships. Collins emphasized that the partnership with Visa completes the on-chain banking infrastructure, while 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 within established regulatory frameworks.