Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure, 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 with Visa is expected to facilitate the expansion of on-chain banking infrastructure, with plans to scale the platform regionally, starting with select markets in Europe, Asia, and Latin America. The rollout will be contingent upon local regulatory approvals and partnerships with financial institutions.
Collins noted that the partnership with Visa completes the final leg of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.