Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure provider, to bridge the gap in on-chain payment and banking services. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment infrastructure, supporting use cases such as cross-border transactions and on-chain value storage. Collins stated that the platform will provide users with bank account-like services, complete with IBAN numbers, and will obtain necessary licenses to operate worldwide.
The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with more banks and institutions to reach underbanked communities. According to Collins, the partnership with Visa completes the on-chain banking infrastructure.
Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's network interacts with on-chain models while adhering to regulatory frameworks and reliability standards.