Visa has announced a collaboration with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to establish a comprehensive on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, describes its platform as a bridge between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain storage. Collins envisions providing users with bank accounts, complete with IBAN numbers, and obtaining necessary licenses to operate globally. As the platform expands, WeFi plans to partner with additional banks and institutions, focusing on underserved communities.
The rollout will occur regionally, beginning with select markets in Europe, Asia, and Latin America, pending regulatory approvals and partnerships. According to Collins, the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this collaboration demonstrates how Visa's network interacts with on-chain models while adhering to regulatory frameworks and reliability standards.