Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure company, to facilitate the development of on-chain banking services. 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 value storage. According to Collins, the partnership seeks to provide users with access to bank accounts and IBAN numbers, while obtaining necessary licenses to operate globally. The platform plans to expand its services regionally, starting with Europe, Asia, and Latin America, and will partner with banks and institutions to reach underbanked communities.
The collaboration with Visa is expected to complete the on-chain banking infrastructure, allowing for seamless interaction between Visa's global network and on-chain models, while adhering to regulatory frameworks and ensuring reliability for consumers and merchants.