Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers an orchestration layer connecting decentralized finance with regulated payment infrastructure, facilitating use cases such as cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally. The partnership plans to expand regionally, starting with select markets in Europe, Asia, and Latin America, with further growth dependent on local regulatory approvals and partnerships.
Collins noted that the collaboration 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 partnership demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.