Visa has announced a partnership 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, offers a platform that bridges the gap between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership aims to expand to under-banked populations worldwide, with an initial rollout in select European, Asian, and Latin American markets. The collaboration will enable Visa's global network to interact with on-chain models while adhering to regulatory frameworks and ensuring consumer and merchant reliability.