Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer 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 offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. Collins noted 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, stated that the collaboration demonstrates how Visa's global network can interact with blockchain-based models while maintaining regulatory compliance and reliability.