Visa has announced a partnership with WeFi, a blockchain-based firm specializing in stablecoin infrastructure, to establish a comprehensive on-chain banking system. WeFi, co-founded by Reeve Collins, a former Tether executive, is designed to bridge the gap between decentralized finance and traditional payment systems, facilitating cross-border transactions and on-chain 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 plans to expand regionally, starting with Europe, Asia, and Latin America, and will collaborate with additional banks and institutions to reach underbanked communities. The rollout will be contingent upon 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, noted that the collaboration demonstrates how Visa's network interacts with on-chain models within established regulatory frameworks.