Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to develop the final leg of on-chain banking and payment services. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems, facilitating use cases such as cross-border transactions and on-chain 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 with Visa will enable WeFi to expand its reach, initially focusing on select markets in Europe, Asia, and Latin America, with plans to partner with more banks and institutions to serve the underbanked population. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration demonstrates how Visa's network can interact with on-chain models while adhering to regulatory frameworks and maintaining reliability for consumers and merchants.