Visa has formed an alliance with WeFi, a blockchain-based stablecoin infrastructure company, to facilitate the creation of robust on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer between decentralized finance and traditional payment systems, enabling use cases such as cross-border transactions and on-chain asset storage. According to Collins, the platform will offer users virtual bank accounts, complete with International Bank Account Numbers (IBANs), and will obtain necessary licenses to operate globally.
The partnership aims to collaborate with banks and institutions to serve underbanked populations. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the final stretch of on-chain banking infrastructure development.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that this collaboration showcases the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks and maintaining the reliability expected by consumers and merchants.