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 interoperability layer between decentralized finance and traditional payment systems, 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 globally. The partnership with Visa is expected to bridge the gap in on-chain banking infrastructure, with plans to expand to underbanked regions through strategic partnerships with banks and institutions.
The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates the synergy between Visa's global network and on-chain models, operating within established regulatory frameworks to ensure reliability and consumer trust.