Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure company, to create a robust on-chain payment and banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, provides an intermediary platform between decentralized finance and traditional payment infrastructure, facilitating cross-border transactions and on-chain value storage. According to Collins, the platform will offer users bank accounts, complete with IBAN numbers, and obtain necessary licenses to operate globally.
The plan is to expand the platform by partnering with banks and institutions, targeting underbanked regions. The rollout will commence in select European, Asian, and Latin American markets, with further expansion dependent on local regulatory approvals.
Collins believes the partnership with Visa completes the final stage of on-chain banking infrastructure development. Mathieu Altwegg, Visa's Head of Product & Solutions in Europe, noted that the collaboration showcases how Visa's global network interacts with blockchain models while adhering to established regulatory frameworks and reliability standards.