Visa has announced a collaboration with WeFi, a stablecoin infrastructure firm, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge 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 obtain necessary licenses to operate globally.
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. The rollout will be contingent upon local regulatory approvals and partnerships.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this partnership demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.