Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an 'orchestration layer' that bridges decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate worldwide.
The partnership aims to expand to underbanked regions, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. Collins noted that the partnership 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 collaboration demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.