Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, 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 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, complete with IBAN numbers, and will obtain necessary licenses to operate globally. The partnership with Visa is expected to complete the final leg of on-chain banking infrastructure, enabling the rollout of services in selected European, Asian, and Latin American markets, with further expansion contingent upon local regulatory approvals and partnerships.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates the interaction between Visa's global network and on-chain models, operating within established regulatory frameworks and maintaining the reliability expected by consumers and merchants.