Visa has announced a partnership with WeFi, a blockchain-based stablecoin infrastructure firm, to develop a robust on-chain payment and banking infrastructure. WeFi, co-founded by Reeve Collins, a former Tether executive, offers a platform that bridges the gap between decentralized finance and traditional payment systems. According to Collins, the platform will provide users with bank account-like services, including IBAN numbers, and will operate under relevant licenses and regulatory frameworks. The partnership plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with additional banks and institutions to reach underbanked populations.
The rollout will be contingent upon local regulatory approvals and partnerships. Collins noted that the partnership with Visa completes the 'last half mile' of 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.