Visa has announced a partnership 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 infrastructure, enabling use cases such as 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 plans to expand 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 on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.