Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop robust on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems, facilitating 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 operate under various licenses worldwide.
The partnership aims to scale and partner with more financial institutions, targeting underbanked populations globally. The rollout will occur regionally, starting in Europe, Asia, and Latin America, with expansion dependent on local regulatory approvals. The collaboration enables Visa's global network to interact with on-chain models while adhering to established regulatory frameworks and reliability standards.