Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure firm, to establish a comprehensive on-chain banking and payment system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an interoperability layer between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain asset storage. According to Collins, the platform will offer users virtual bank accounts, complete with IBAN numbers, and will obtain necessary licenses to operate globally.
The partnership with Visa will enable WeFi to expand its reach, initially focusing on select markets in Europe, Asia, and Latin America, with further expansion contingent upon local regulatory approvals. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that this partnership demonstrates the potential for Visa's global network to interact with blockchain-based models while adhering to established regulatory frameworks and reliability standards.