Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive on-chain payment and banking network. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems, enabling use cases such as cross-border transactions and on-chain asset storage. According to Collins, the partnership will provide users with virtual bank accounts, complete with International Bank Account Numbers (IBANs), and obtain necessary licenses to operate globally.
The platform plans to expand its services by partnering with additional banks and institutions, targeting underbanked populations. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships. Collins noted 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, stated that this collaboration demonstrates how Visa's global network can interact with on-chain models while adhering to established regulatory frameworks and maintaining consumer and merchant trust.