Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to create a comprehensive on-chain payment and banking platform. WeFi, co-founded by Reeve Collins, a former Tether executive, offers an orchestration layer that bridges decentralized finance and traditional 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 account equivalents, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership aims to expand to underbanked regions, initially focusing on Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals and partnerships.
Collins noted that the collaboration with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the partnership demonstrates how Visa's global network can interact with on-chain models while adhering to regulatory frameworks and maintaining consumer and merchant trust.