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 intermediary platform between decentralized finance and traditional payment infrastructure. The partnership seeks to provide underbanked individuals with access to banking services, including IBAN numbers, and will operate under relevant licenses and regulations. The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships.
According to Collins, the partnership with Visa completes the final stage of developing on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates the interaction between Visa's global network and on-chain models within established regulatory frameworks.