Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking network. 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 with Visa is expected to complete the on-chain banking infrastructure, with plans to expand regionally, starting with Europe, Asia, and Latin America, and eventually partnering with more banks and institutions to serve the underbanked population globally.