Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to create a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. Collins stated that the platform will provide users with virtual bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally.
As the platform expands, WeFi plans to partner with additional banks and institutions to serve underbanked populations. The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. Collins emphasized that the partnership with Visa completes the final stage of on-chain banking infrastructure development.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates how Visa's global network can interact with on-chain models while maintaining regulatory compliance and reliability.