In a joint effort to enhance on-chain payment services, Visa has teamed up with WeFi, a stablecoin infrastructure firm. WeFi, co-founded by Reeve Collins, a former Tether executive, is designing an interoperability layer between decentralized finance and traditional payment systems. The goal is to support use cases such as international transactions and on-chain asset storage. According to Collins, the platform will provide users with bank account-like services, complete with IBAN numbers, and obtain necessary licenses to operate globally.
As the platform expands, WeFi plans to collaborate with additional banks and institutions to cater to underbanked populations. 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 emphasized that the partnership with Visa completes the on-chain banking infrastructure, while Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, highlighted the collaboration as a demonstration of Visa's global network interacting with on-chain models within established regulatory frameworks.