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, supporting 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 aims to expand to more banks and institutions, targeting the underbanked population.
The rollout will occur regionally, starting with select markets in Europe, Asia, and Latin America, and will depend on local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the collaboration demonstrates how Visa's global network interacts with on-chain models while maintaining regulatory compliance and reliability.