Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to establish a comprehensive onchain 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 onchain 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 worldwide.
The partnership with Visa is expected to complete the onchain banking infrastructure, with plans to expand to underbanked regions through partnerships with local banks and institutions. The rollout will commence in select European, Asian, and Latin American markets, with further expansion contingent upon regulatory approvals and partnerships. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, stated that the partnership demonstrates how Visa's global network can interact with onchain models while maintaining regulatory compliance and reliability.