Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an 'orchestration layer' that bridges the gap between decentralized finance and traditional payment infrastructure. The platform is designed to support cross-border transactions and on-chain value storage. Collins stated that the partnership aims to provide users with bank accounts and IBAN numbers, while obtaining necessary licenses to operate globally.
As the platform expands, it plans to partner with additional banks and institutions to serve the underbanked population. The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals and partnerships.
Collins noted that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.