Visa has announced a collaboration with WeFi, a blockchain-based stablecoin infrastructure provider, to create a comprehensive on-chain banking and payment 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, facilitating cross-border transactions and on-chain value storage. According to Collins, the partnership will provide users with bank account-like services, complete with IBAN numbers, and will operate under relevant licenses and regulatory frameworks.
The platform plans to expand its services through partnerships with banks and institutions, initially targeting underbanked regions in Europe, Asia, and Latin America. The rollout will be phased, subject to local regulatory approvals and partnerships.
Collins emphasized that the partnership with Visa completes the 'last half mile' of on-chain banking infrastructure. Mathieu Altwegg, Head of Product & Solutions in Europe at Visa, noted that this collaboration demonstrates how Visa's global network can interact with on-chain models while adhering to established regulatory frameworks and reliability standards.