Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop the necessary infrastructure for on-chain banking and payment services. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems. The goal is to support use cases such as 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 globally.
The partnership plans to scale by collaborating with banks and institutions, targeting underbanked populations. The rollout will occur regionally, starting with Europe, Asia, and Latin America, and will depend on local regulatory approvals.
Collins stated that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's network interacts with on-chain models within established regulatory frameworks.