Visa has partnered 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. The collaboration seeks to provide underbanked individuals with access to banking services, including IBAN numbers, and will operate under relevant licenses and regulatory frameworks.
The rollout will occur in phases, starting with select markets in Europe, Asia, and Latin America, with further expansion dependent on local regulatory approvals. According to Collins, 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.